Now, Coinbase has unveiled a new platform to fight online fraud and financial scams called the Tech Against Scams coalition. Key participants include Meta (formerly Facebook), Ripple, Kraken, Gemini, GASO, and Match Group, which owns several online dating platforms, including Tinder and Hinge.
The coalition is designed to fight against scams as its members share knowledge and best practices of the member industries. The article notes that everyone and everything is involved in Internet scams, not only social media, cryptocurrencies, finance, and dating applications. It is our great pleasure to introduce the Tech Against Scams coalition. Phishing is a problem in the technology sector and, consequently, needs a collaborative effort from the entire sector. In response to X, Coinbase said, “We are proud to work with industry leaders to safeguard and inform users.
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Coinbase Joins Tech Against Scams Coalition to Fight Online Fraud
One key objective of the Tech Against Scams coalition is to raise public awareness concerning various scams and ways to protect against them. By raising awareness, the group aims to ensure that the general public can prevent themselves from falling prey to such scams. The coalition also intends to increase cooperation between its members and share knowledge and information to improve consumer protection and counteract fraudulent actors online.
The FBI’s Internet crimes report for 2023 emphasizes the importance of this case. According to this report, the American people lost more than $12 billion. Five billion as a result of confraternity on the internet. Of these losses, $3. Ninety-four billion were linked to cryptocurrency investment fraud, and this clearly shows the effect on the finance industry.
The top public-private partnership with the establishment of the Tech Against Scams coalition is a major achievement in combating online scams. The formation of the coalition will ensure that there is a collective voice that will represent the leaders in the various sectors of technology and that users are protected. The industry can make progress in protecting its users from scams. Although the realization of the initiative is still in its preliminary phase, the proposal will have significant roles in preventing financial fraud over digital platforms and creating a secure digital space for all users.
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