Recently, Coinbase, a well-known cryptocurrency exchange based in the US, joined forces with other industry leaders such as Meta, Ripple, Gemini, Kraken, Match Group, and GASO to launch a new initiative called ‘Tech Against Scams’. The primary goal of this coalition is to address the widespread issue of online fraud and financial schemes. It is important to note that scams are not limited to social media, cryptocurrency, or finance sectors alone.
The Tech Against Scams coalition is dedicated to protecting and educating consumers by working together to take action against the tools and tactics used by scammers. Through collaboration, participating tech companies aim to provide resources, share best practices, and offer threat intelligence to help users stay safe and informed. By raising awareness and sharing insights about the lifecycle of scams, the coalition hopes to empower consumers to recognize and prevent online fraud schemes before becoming victims.
According to Coinbase, consumers worldwide lose a staggering $1.4 trillion to financial scams every year. In the US alone, reported cases of online fraud resulted in losses exceeding $12.5 billion in 2023, marking a significant 22% increase from the previous year. The FBI’s annual Internet Crime Report revealed that investment frauds accounted for the highest losses, totaling $4.57 billion and showing a 38% increase from the previous year. Of these losses, around $4 billion were attributed to cryptocurrency investment fraud specifically.
The formation of the Tech Against Scams coalition underscores the importance of collaboration in addressing the complex and rapidly evolving nature of online scams. By bringing together industry leaders from various sectors, this initiative aims to enhance visibility, develop best practices, and ultimately combat financial fraud effectively. Through shared knowledge, resources, and innovative strategies, the coalition seeks to disrupt the operations of scammers and protect consumers from falling victim to fraudulent schemes.
The launch of the Tech Against Scams coalition represents a significant step towards promoting online safety and security for consumers. By fostering collaboration, sharing insights, and implementing preventive measures, industry leaders are working together to combat the pervasive threat of financial scams in the digital age. With a united front against online fraud, the Tech Against Scams coalition aims to empower users, raise awareness, and ultimately create a safer environment for conducting transactions and engaging in online activities.
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