Coinbase, a leading US-based cryptocurrency exchange, has announced a new initiative called ‘Tech Against Scams’ in collaboration with industry giants Meta, Ripple, Gemini, Kraken, Match Group, and GASO.
This coalition aims to combat online fraud and financial schemes while educating and protecting users, emphasizing that scams are a tech-wide issue affecting multiple sectors.
In an official blog post, Coinbase stated that the Tech Against Scams coalition will serve as a central platform for tech companies to collaborate on countering scammers’ tools, educating consumers, and disrupting evolving financial scams.
The coalition will focus on sharing best practices, threat intelligence, and tips to protect users from online fraud.
“By sharing insights about the lifecycle of scams, we aim to provide resources to educate and protect consumers. Our cross-sector collaboration will enhance visibility and help us develop evolving best practices to combat rapidly changing scams, such as ‘pig butchering,’” Coinbase stated.
Coinbase estimated that global financial scams result in $1.4 trillion in annual losses. In 2023, online fraud reported by Americans led to losses exceeding $12.5 billion, a 22% increase from the previous year, according to the FBI’s Internet Crime Report.
Investment fraud was the leading cause of these losses, reaching $4.57 billion, a 38% increase from the previous year, with approximately $4 billion linked to cryptocurrency investment fraud.
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