Major Tech Firms Announce Alliance To Prevent Online Financial Crime
A new coalition named Tech Against Scams , comprising major tech companies from various sectors including social media, dating apps, financial institutions, and cryptocurrency, was unveiled on Tuesday. This initiative aims to combat online fraud and financial schemes targeting consumers across different industries.
The coalition features prominent members such as Meta (previously Facebook), Coinbase , Match Group (which owns Tinder and Hinge), Kraken, Ripple, Gemini, and the Global Anti-Scam Organisation.
Guy Rosen, Chief Information Security Officer at Meta, stated, “We hope that this coalition will serve as a force multiplier for security teams at tech companies to share threat insights and trends to enable more impactful disruptions of scam networks around the world.”
As part of this alliance, the participating companies will collaborate to combat the tools and methods used by scammers. They will also focus on educating consumers, providing protection, and disrupting the swiftly evolving landscape of financial scams .
The coalition's efforts will involve sharing best practices, threat intelligence, and valuable tips to ensure users are safeguarded from becoming victims of online fraud, including romance scams and crypto scams like ‘pig butchering’.
Yoel Roth, VP of Trust & Safety at Match Group, emphasized, “Tech companies across industries collaborating with each other is essential for preventing criminal activity, and ultimately helps online platforms stay ahead of, and develop effective solutions for, various types of financial crimes.”
Last summer, Match Group, Coinbase, and Meta initiated a pioneering partnership in the tech industry to analyze cross-platform threats, including pig butchering, identifying the potential for more effective disruption of these crimes by involving more companies.
Philip Martin, Chief Security Officer at Coinbase, remarked, “Fraud schemes are becoming increasingly sophisticated, underscoring a greater emphasis on the importance of industry leaders coming together to tackle fraud and secure a safer digital environment for users.”
The coalition features prominent members such as Meta (previously Facebook), Coinbase , Match Group (which owns Tinder and Hinge), Kraken, Ripple, Gemini, and the Global Anti-Scam Organisation.
Guy Rosen, Chief Information Security Officer at Meta, stated, “We hope that this coalition will serve as a force multiplier for security teams at tech companies to share threat insights and trends to enable more impactful disruptions of scam networks around the world.”
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As part of this alliance, the participating companies will collaborate to combat the tools and methods used by scammers. They will also focus on educating consumers, providing protection, and disrupting the swiftly evolving landscape of financial scams .
The coalition's efforts will involve sharing best practices, threat intelligence, and valuable tips to ensure users are safeguarded from becoming victims of online fraud, including romance scams and crypto scams like ‘pig butchering’.
Yoel Roth, VP of Trust & Safety at Match Group, emphasized, “Tech companies across industries collaborating with each other is essential for preventing criminal activity, and ultimately helps online platforms stay ahead of, and develop effective solutions for, various types of financial crimes.”
Last summer, Match Group, Coinbase, and Meta initiated a pioneering partnership in the tech industry to analyze cross-platform threats, including pig butchering, identifying the potential for more effective disruption of these crimes by involving more companies.
Philip Martin, Chief Security Officer at Coinbase, remarked, “Fraud schemes are becoming increasingly sophisticated, underscoring a greater emphasis on the importance of industry leaders coming together to tackle fraud and secure a safer digital environment for users.”
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