#TechAgainstScams #Coinbase #OnlineFraud #Cryptocurrency #FinancialScams #Cybersecurity #InvestmentFraud #CryptocurrencyExchange
Coinbase, a leading cryptocurrency exchange in the United States, has taken a significant step towards enhancing online safety and security by initiating the ‘Tech Against Scams’ coalition. This initiative brings together notable industry players including Meta, Ripple, Gemini, Kraken, Match Group, and GASO. The primary objective of this coalition is to combat online fraud and financial scams that have been plaguing internet users worldwide. By uniting forces, these tech giants aim not only to tackle these issues head-on but also to educate and shield users from falling prey to such schemes, underlining the fact that the challenge of scams is not confined to any single sector such as social media, finance, or cryptocurrency but is a widespread technological concern.
The coalition intends to serve as a central platform for these participating companies to share best practices, threat intelligence, and additional information crucial for the prevention of online fraud. Through collaborative efforts, the group plans to educate consumers and protect them from becoming victims of these deceptive practices before they occur. For instance, by disseminating knowledge about the lifecycle of scams, the coalition aspires to equip consumers with the necessary resources to safeguard themselves. This collaborative approach across different sectors is expected to enhance the effectiveness of their strategies against scams, which are becoming increasingly sophisticated, such as the so-called “pig butchering” schemes.
Coinbase’s announcement of this initiative comes against the backdrop of alarming statistics highlighting the extent of financial scams, with global consumers losing an estimated $1.4 trillion annually. In the United States alone, online fraud has led to losses exceeding $12.5 billion in 2023, marking a 22% increase from the previous year. According to the FBI’s annual Internet Crime Report, investment scams top the list of digital crimes by loss value, with $4.57 billion reported lost, of which approximately $4 billion was related to cryptocurrency investment fraud. This illuminates the critical need for concerted action in mitigating such risks, making the formation of the Tech Against Scams coalition a timely and essential endeavor in the fight against cybercrime and online financial scams.
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