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Major cryptocurrency exchanges launch “Tech Against Scams” coalition to combat cryptocurrency scams

The coalition will focus on developing and implementing advanced security technologies, sharing threat information and working with law enforcement agencies.

Date: 2024-05-23 Author: Łukasz Michałek
Major cryptocurrency exchanges launch “Tech Against Scams” coalition to combat cryptocurrency scams

Some of the largest technology companies and cryptocurrency exchanges have teamed up to launch a “Tech Against Scams” alliance to combat rising online and financial fraud.

Meta, Coinbase, Ripple, Kraken, Gemini, Match Group and the Global Anti-Scam Organization (GASO) are among the alliance members.

The cross-industry coalition would bring together experience and expertise from different industries. The alliance aims to “protect and educate users, emphasizing that fraud is a technology-wide problem, not limited to social media, cryptocurrencies or finance,” Coinbase noted in an official announcement.

According to a Global Financial Fraud assessment published in April by the International Criminal Police Organization (INTERPOL), new technologies around the world “are enabling organized crime groups to better target victims around the world.”

Perpetrators are increasingly using fraud strategies such as pig culling, which involves fraudsters gaining the trust of victims before robbing them, it added.

INTERPOL stressed that the use of artificial intelligence, large language models and cryptocurrencies has led to more sophisticated scams at little cost. As a result, the Tech Against Scams initiative creates a safer digital environment and prevents scammers from exploiting users.

“Our cross-sector collaboration will improve visibility and help us develop evolving best practices to combat fast-growing scams,” – Coinbase noted.

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Fighting fraud through education

Estimates indicate that consumers around the world lose $1.4 trillion to financial fraud every year. The coalition’s primary goal is to help users recognize the early signs of contact with a scammer

The alliance focuses on educating users about fraud strategies and tactics and how to prevent them. “Together with industry leaders, we are committed to protecting and educating users,” – stated Coinbase in X.

“Collaboration among technology companies across industries is essential to prevent criminal activity, and ultimately helps online platforms stay ahead of various types of financial crimes and develop effective solutions,” said Yoel Roth, vice president of trust and security at Match Group .

Roth also noted that as part of the cooperation, funds will be invested in new technologies that will help eliminate such fraud faster.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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