Coinbase Partners with Meta, Ripple, and Others to Combat Online Fraud

Prominent US-based cryptocurrency exchange Coinbase has announced the launch of a new initiative called “Technology Against Scams” ​​alongside industry leaders Meta, Ripple, Gemini, Kraken, Match Group, and GASO.

This coalition aims to tackle online fraud and financial schemes while simultaneously protecting and educating users, highlighting that scams are a technology-wide problem, not limited to social media, cryptocurrencies or finance.

In official Blog Next, Coinbase said the Tech Against Scams coalition will serve as a key convening body where participating tech companies will collaborate on ways to take action against tools used by scammers, educate and protect consumers, and disrupt rapidly developing financial scams.

This work will include sharing best practices, threat information, and other tips and information to help keep users safe and protected before they become victims of an online fraud scheme.

“By sharing insights and knowledge about the fraud lifecycle, we aim to provide resources to educate and protect consumers. Our cross-sector collaboration will enhance visibility and help us develop cutting-edge best practices to combat rapidly evolving scams, such as 'pig slaughter.'

Meanwhile, Coinbase also estimated that consumers around the world lose $1.4 trillion to financial scams every year.

In 2023, cases reported by the American public resulted in more than $12.5 billion in losses due to online fraud, representing a 22% increase over the previous year. open According to the FBI's annual Internet crime report.

Among digital crimes, investment fraud led the highest losses, reaching $4.57 billion, representing a 38% increase from the previous year. The FBI also reported that nearly $4 billion of these losses were related to cryptocurrency investment fraud.