The Tech Against Scams coalition was established. The largest companies go to war against pig slaughter

Coinbase, Ripple, Kraken, Gemini but also Meta. All these companies formed the Tech Against Scams coalition. All this to fight scams on social media, including pig slaughter.

Tech Against Scams Coalition

The Tech Against Scams alliance was established to combat online fraud, including cryptocurrency scams, with an emphasis on the so-called pig slaughter. The coalition announced by Match Group is a joint initiative of Coinbase, Meta, Krakena, Ripple, Gemini and the Global Anti-Scam Organization.

As part of Tech Against Scams, technology companies will cooperate on ways to take action against the tools used by fraudsters, but also educate and protect their customers. In practice, it is about informing the community about currently popular scams. Organizers claim that pig slaughter is a major threat today.

We have already written about the latter on our website. This is a particularly cynical method of robbing Internet users. Criminals contact their victims via social media, often dating sites such as Tinder or industry websites such as LinkedIn. They try to gain trust, and when they feel they have it, they encourage people to invest in cryptocurrencies. The problem is that they force you to deposit money into a platform they control. Then, when the victim makes the transfer, they let him earn money. Then, still unaware of anything, she pays a larger amount. And then the criminals seize the funds and disappear. It is especially cruel when they take advantage of lonely people looking for their other half on dating sites.

The role of market leaders is growing

In this context, the role of industry leaders, whose task should be to strike down criminals, is growing.

Philip Martin, chief security officer at Coinbase, commented on the formation of the coalition. He said that “fraud methods are becoming more sophisticated,” which in turn increases the responsibility of major companies to “fight fraud and provide users with a safer digital environment.”

Our goal is to disrupt emerging online fraud through collaboration, information sharing and better consumer education

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