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>>Leading cryptocurrency exchanges have formed a coalition called 'Tech Against Scams' to tackle the issue of cryptocurrency fraud.

Leading cryptocurrency exchanges have formed a coalition called 'Tech Against Scams' to tackle the issue of cryptocurrency fraud.

crypthub

1/24/2025, 11:51:53 AM

Formation of 'Tech Against Scams' Alliance

A coalition of major tech companies and crypto exchanges has united under the banner of ‘Tech Against Scams’ to combat online fraud and financial scams, which have seen a significant surge. This cross-industry group includes prominent names such as Meta, Coinbase, Ripple, Kraken, Gemini, Match Group, and Global Anti-Scam Organization (GASO). The alliance's primary objective is to share knowledge and collaborate across sectors to empower users against scams.

Global Threat of Online Scams

The initiative highlights the escalating problem of online fraud, facilitated by new technologies, as confirmed by INTERPOL. Fraudsters employ sophisticated tactics like the 'pig-butchering' scheme, where they build trust before stealing funds. The coalition acknowledges that these scams often utilize AI, large language models, and cryptocurrencies, emphasizing the need for diverse industries to collaborate in combating them.

Global Impact of Financial Scams

Global estimates reveal staggering losses due to financial scams, reaching approximately $1.4 trillion annually. The Tech Against Scams coalition focuses on educating users about common scam strategies and empowering them to identify potential threats early on. By doing so, they aim to reduce the significant financial impact of these crimes worldwide.

Emphasis on Collaborative Innovation

Yoel Roth, Vice President of Trust and Safety at Match Group, underscores the importance of industry collaboration in staying ahead of evolving scams. He stresses the need for investing in innovative technologies to disrupt fraudulent activities more effectively, emphasizing that collective action across diverse tech sectors is crucial in establishing preventive measures for various financial crimes.