• The Tech Against Scams coalition, spearheaded by Coinbase and including companies like Ripple, aims to tackle the rising threat of online fraud.
• This initiative aims to unite technology companies in sharing best practices and intelligence to protect consumers from evolving scams.

In the latest development, blockchain startup Ripple has joined hands with top industry players like Coinbase, Meta, Gemini, and Kraken, in order to combat online fraud and other illicit financial schemes. Coinbase has initiated the establishment of the Tech Against Scams coalition in collaboration with various crypto and technology firms, including the Match Group – the parent company of Tinder and Hinge.

Tech Against Scams aims to act as a central hub for participating technology companies to unite efforts in combating the tools utilized by scammers. This tool will further educate and safeguard consumers from evolving financial scams.

The coalition will facilitate the sharing of best practices, threat intelligence, and other valuable insights to preemptively shield users from falling prey to various online fraud schemes. This also includes combating romance scams and crypto-related fraud like ‘pig butchering’.

Since last summer, Match Group, Coinbase, and Meta embarked on an unprecedented partnership within the tech sector to tackle cross-platform threats like ‘pig butchering’. Recognizing the potential to enhance efforts against these crimes, they further expanded the collaboration to include more companies.

Thus, this cross-industry alliance now encompasses online, social media, and cryptocurrency firms, leveraging their respective strengths to identify emerging adversarial trends, exchange best practices, combat global scams, and collectively safeguard users.

Addressing Rising Online Scams

In the FBI’s Internet crime report for 2023, the American public disclosed losses surpassing $12.5 billion attributed to online fraud incidents. Of this total, approximately $3.94 billion was linked to cryptocurrency investment fraud.

This coalition of Ripple and other players will act as a multiplier for security teams within tech companies, facilitating the exchange of threat insights and trends. This collaboration aims to enhance the effectiveness of disrupting scam networks globally. Speaking on the development, Devraj Varadhan, EVP of Engineering at Ripple said:

“As scams continue to become more convincing and intricate, bad actors are taking every opportunity to target and defraud innocent victims. We must fight back and educate individuals on how to protect themselves from these predators. There is no place for scammers, and we must come together across industries to address this pressing issue.”

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