Tech Against Scams includes leading tech
firms, Match Group, Coinbase, Meta, and Ripple who
will work together to help prevent and disrupt financial scams
throughout the lifecycle of a scam
LOS
ANGELES, May 21, 2024 /PRNewswire/ -- Today tech
companies across social media, dating apps, financial institutions
and crypto are announcing a new coalition, Tech
Against Scams, aimed at helping these firms respond to and prevent
online fraud and financial schemes that target
consumers across industries.
The coalition includes Coinbase, Match Group, the
parent company of Tinder and Hinge, Meta, Kraken, Ripple and
Gemini, as well as the Global Anti-Scam Organization. Tech Against
Scams will serve as a primary convening body where participating
tech companies will collaborate on ways to take action against the
tools used by scammers, educate and protect consumers and disrupt
rapidly evolving financial scams. This work will include sharing
best practices, threat intelligence, and other tips and information
to help keep users safe and protected before they become victim to
an online fraud scheme such as romance scams or
crypto scams such as 'pig butchering'.
Beginning last summer, Match Group, Coinbase, and
Meta initiated a first-of-its-kind collaboration in the tech
industry to understand cross-platform threats, including pig
butchering, and recognized an opportunity to better disrupt these
crimes by bringing additional companies into the conversation. This
cross-industry collaboration now spans online, social media and
crypto companies, aiming to leverage each company's
unique position in the ecosystem to better identify new adversarial
trends and share best practices to combat global scams, and drive
collective action to protect users.
"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,"
said Guy Rosen, Chief Information
Security Officer at Meta. "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."
"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," said Yoel Roth, VP, Trust & Safety at Match
Group. "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."
"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," said Philip Martin, Chief Security Officer at
Coinbase. "We are dedicated to disrupting emerging
online scams through collaboration, information sharing, and
enhanced consumer education."
"As scams continue to become more convincing and intricate, bad
actors are taking every opportunity to target and defraud innocent
victims," said Devraj Varadhan,
EVP of Engineering at Ripple. "We must fight back and educate
individuals on how to protect themselves from these predators.
There is no place for scammers, and we must come together across
industries to address this pressing issue."
"People around the world lose hundreds of millions of dollars
every month. Criminals are constantly adapting by leveraging and
adopting new technology to scam on a global and massive scale,
said Brian Bruce, Chief of
Operations at Global Anti-Scam Organization. "As a result, we
strongly believe that a multi-sector response with tech and
financial companies is necessary to fight against this major
transnational issue."
This new coalition will build on years of investment that these
companies have independently made to help protect their users from
scams, fraud, and other security risks. Going forward,
the coalition will lead the creation of new work streams to
identify best practices and guide how companies work together to
help stop these scams and provide consumers with the tools and
information needed to better protect themselves.
Together, the group is committed to continue working closely
with law enforcement agencies around the world to continue sharing
information with them to support investigations that combat online
fraud and crimes.
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content:https://www.prnewswire.com/news-releases/tech-companies-announce-a-new-coalition-to-fight-online-fraud--pig-butchering-scams-302149506.html
SOURCE Match Group