Coinbase, Meta, and Ripple Unite to Fight Pig Butchering Scams

Coinbase, Match Group (the parent company of Tinder and Hinge), Meta, Kraken, Ripple, Gemini, and the Global Anti-Scam Organization have joined hands to establish a new coalition called Tech Against Scams.

The coalition aims to tackle the growing number of online frauds and financial scams that target consumers across various industries. 

Key points:

• Tech Against Scams will serve as a primary platform for tech companies to collaborate and share best practices.
• The alliance aims to disrupt scammer tactics, safeguard consumers through education, and tackle the ever-changing landscape of financial fraud.
• The collaboration spans online, social media, and crypto companies, leveraging each company’s unique position in the ecosystem.
• The coalition builds on years of independent investments made by these companies to protect their users from scams, fraud, and other security risks.

The formation of Tech Against Scams is a direct response to the increasing sophistication and prevalence of online scams. This includes romance scams and crypto scams like ‘pig butchering.’

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Coinbase, Ripple and other firms stand together to fight scams

The coalition recognizes that scammers and organized criminal groups target people across multiple internet services.

The collaboration will also focus on developing effective solutions to combat various types of financial crimes and staying ahead of the ever-evolving tactics employed by scammers.

Guy Rosen, Chief Information Security Officer at Meta, emphasized the importance of cross-industry collaboration in preventing criminal activity.

Philip Martin, Chief Security Officer at Coinbase, underscored the dedication of the coalition to disrupting emerging online scams through collaboration, information sharing, and enhanced consumer education.

As fraud schemes become increasingly sophisticated, he emphasized the importance of industry leaders coming together to tackle fraud and secure a safer digital environment for users.