A new coalition has been formed by several significant digital companies, including Meta, Coinbase, and others, to combat online fraud on dating apps, social media, and cryptocurrency platforms.
The new alliance, Tech Against Scams, which includes Match Group, Kraken, Ripple, and Gemini, will collaborate to identify ways to counter the technologies that scammers use as well as to better inform the public about financial scams, according to a statement the group posted on Tuesday.
Along with other forms of fraud, such as the cryptocurrency scam known as “pig butchering,” the corporations intend to work together to safeguard their users from romantic frauds which involves tricking the victim into investing in cryptocurrency over an extended period through investment fraud before taking their money.
Guy Rose, Chief Information Security Officer at Meta, stated in response to a question on the necessity for the different players to band together to combat their shared enemy:
“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.
“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.”
It’s becoming more difficult to distinguish between real-world encounters and frauds as a result of AI. fraudsters are employing artificial intelligence (AI) to make “persuasive FaceTime calls, phone calls, and emails” to their victims, as reported by Yahoo Finance last year.
In these messages, the fraudsters may pretend to be friends, family, IRS officers, or even potential loves.
“Tech companies across industries collaborating with each other is essential in preventing criminal activities, and ultimately helps online platforms stay ahead, develop effective solutions, and address various types of financial crimes,” said Yoel Roth, VP of Trust & Safety at Match Group, and formerly of Twitter.
We earlier reported that a woman from Arizona took part in a plot to assist North Korean IT professionals in impersonating Americans so they could apply for remote jobs at American businesses according to the US authorities.
