Coinbase, Ripple, Meta, Kraken, Others Form Tech Against Scams Coalition

Crypto exchange Coinbase on Tuesday said it has joined forces with industry leaders like Match Group, Meta, Kraken, Ripple, Gemini, and GASO to form the Tech Against Scams coalition. The team will combat online fraud and financial schemes to protect consumers and disrupt scammers impacting tech companies across social media, dating apps, financial institutions, and crypto.

Coinbase, Ripple, and Tech Giants Launch Anti-Scam Coalition

Coinbase in a blog on May 21 announced a groundbreaking development to fight scams in the broader technology industry. Thus, Coinbase has collaborated with Match Group (parent company of Tinder and Hinge), In addition, Kraken, Ripple, Gemini, and the Global Anti-Scam Organization (GASO) to launch the Tech Against Scams coalition.

The Tech Against Scams coalition will work to prevent online fraud and financial schemes targeting consumers in the broader technology industry. The group will provide resources to educate and protect consumers, creating a safer digital environment.

Devraj Varadhan, EVP of Engineering at Ripple said:

“As scams continue to become more convincing and intricate, bad actors are taking every opportunity to target and defraud innocent victims. 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.”

The best practices for protection include: avoid third-party apps, be cautious with assets, discuss with trusted individuals, use reputable platforms, and stay informed.

“Together, through education and collaboration, we can protect our community and uphold the promise of a secure and fair financial future. Stay vigilant, stay informed, and stay safe,” said Coinbase.

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Tech Against Scams Coalition To Improve Best Practices

The Tech Against Scams Coalition will take action against tools used by scammers to target customers. In addition, it will educate, protect consumers, and disrupt rapidly evolving financial scams.

While only 0.34% of blockchain transactions are used for illicit activity, as per data by Chainalysis, crypto security remains a key concern for the crypto industry. Coinbase said it has a robust compliance program, which includes KYC checks, sanctions screenings, suspicious activity reporting, and strong law enforcement partnerships to prevent and detect illicit activity on our platform.

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