Meta among tech companies to fight online fraud

Tech companies across social media, dating apps, financial institutions and crypto have announced a new coalition Tech Against Scams to help combat the rising cases of online fraud.

The coalition includes companies such as Coinbase, Match Group, the parent company of Tinder and Hinge, Meta, Kraken, Ripple and Gemini, as well as the Global Anti-Scam Organization.

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The move will act as a central hub for participating tech companies to join forces in combating the tools used by scammers.

Together, they will develop strategies to educate and protect users by sharing best practices, threat intelligence, and other crucial information to safeguard users from falling victim to online fraud schemes.

This will information on romance scams and crypto scams like ‘pig butchering.’

The news comes as last summer Match Group, Coinbase, and Meta launched a first-of-its-kind collaboration in the tech industry to understand cross-platform threats.

Meta Information Security Officer, Guy Rosen, said: “Scammers and the organized criminal groups behind pig butchering schemes target people across many internet services, making it hard for any one company to see the full picture of malicious activity and counting on each of us working in silos.

“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.”

Match Group VP, Trust & Safety, Yoel Roth continued: “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.

“As we work to make it harder for scammers to defraud people, we will also continue investing in new technologies to help disrupt fraud and scams faster, and get people the support and resources they need.”

Coinbase Chief Security Officer, Philip Martin, added: “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.

“We are dedicated to disrupting emerging online scams through collaboration, information sharing, and enhanced consumer education.”