Coinbase, Match Group, Meta, Kraken, Ripple and Gemini Announce a New Coalition to Fight Online Fraud & Pig Butchering Scams
May 21, 2024 at 04:30 pm IST
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Tech companies across social media, dating apps, financial institutions and crypto are announcing a new coalition, Tech Against Scams, aimed at helping these firms respond to and prevent online fraud and financial schemes that target consumers across industries. The coalition includes Coinbase, Match Group, the parent company of Tinder and Hinge, Meta, Kraken, Ripple andemini, as well as 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. 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'.
Beginning last summer, Match Group, Coinbase, and Meta initiated a first-of-its-kind collaboration in the tech industry to understand cross-platform threats, including pig butchering, and recognized an opportunity to better disrupt these crimes by bringing additional companies into the conversation. This cross-industry collaboration now spans online, social media and crypto companies, aiming to leverage each company's unique position in the ecosystem to better identify new adversarial trends and share best practices to combat global scams, and drive collective action to protect users. This new coalition will build on years of investment that these companies have independently made to help protect their users from scams, fraud, and other security risks.
Going forward, the coalition will lead the creation of new work streams to identify best practices and guide how companies work together to help stop these scams and provide consumers with the tools and information needed to better protect themselves. Together, the group is committed to continue working closely with law enforcement agencies around the world to continue sharing information with them to support investigations that combat online fraud and crimes.
Coinbase Global, Inc. is a holding company of Coinbase, Inc. and other subsidiaries. The Company provides platform, which enables its users to engage in a variety of activities, including discovering, trading, staking, storing, spending, earning and using their crypto assets. The Company offers a suite of products and services that are designed to meet the distinct needs of its three customer groups: consumers, which includes individual retail user customers seeking to discover or trade crypto assets and engage in on chain activities; institutions, which are businesses that include market makers, asset managers, hedge funds, banks, wealth platforms, registered investment advisors, payment platforms, and public and private corporations; developers, which comprise of developers, creators, merchants, crypto asset issuers, organizations and financial institutions, and other groups building decentralized protocols, applications, products, or other services on chain.