Coinbase, Ripple, Meta Join Forces to Fight Crypto Scams, Including Pig Butchering

Tech Against Scams: Coalition Formed to Tackle Online Fraud

Leading crypto and tech companies, including Coinbase, Ripple, Meta, Kraken, and Gemini, have formed a coalition to combat online fraud, including crypto scams like the pig butchering scheme. “We are dedicated to disrupting emerging online scams through collaboration, information sharing, and enhanced consumer education,” said Coinbase’s chief security officer.

‘Tech Against Scams’ Coalition Established

Several leading technology and cryptocurrency companies have united to form a coalition, Tech Against Scams, dedicated to combating online fraud and scams, including the pig butchering crypto scam. Announced by Match Group, this coalition also includes prominent firms such as Coinbase, Meta, Kraken, Ripple, Gemini, and the Global Anti-Scam Organization.

“Tech Against Scams will serve as a primary convening body where participating tech companies will collaborate on ways to take action against the tools used by scammers, educate and protect consumers and disrupt rapidly evolving financial scams,” the announcement details, adding:

This work will include sharing best practices, threat intelligence, and other tips and information to help keep users safe and protected before they become victim to an online fraud scheme such as romance scams or crypto scams such as ‘pig butchering’.

Leveraging years of independent initiatives to protect their users, the coalition aims to create new operational frameworks that establish and apply industry-wide best practices for scam prevention. By fostering strong relationships with global law enforcement agencies, the coalition intends to improve the effectiveness of investigations into online fraud and crime, thereby strengthening the overall security ecosystem.

Also Read: Thailand Threatens Facebook Shutdown Due to Crypto Scams

Philip Martin, Chief Security Officer at Coinbase, commented: “Fraud schemes are becoming increasingly sophisticated, underscoring a greater emphasis on the importance of industry leaders coming together to tackle fraud and secure a safer digital environment for users.” He emphasized:

We are dedicated to disrupting emerging online scams through collaboration, information sharing, and enhanced consumer education.

Source: Bitcoin

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