Leading technology companies are joining forces to combat dating, social media and cryptocurrency scams by forming the Tech Against Scams Coalition.
Crime-fighting
Reasons for merging
Parent companies of Facebook, Instagram and Tinder, as well as Coinbase, taking in view of the spread of fraudulent schemes on their platforms, decided to create the Tech Against Scams coalition. Other players in the crypto space, such as Kraken, Ripple and Gemini, have also joined. The goal is to counter the tools used by criminals and share data to fight this phenomenon more effectively.
Scale of the problem
Statistics show significant financial losses from fraud in the US and other countries . In 2019, love scams caused more damage than other types of crime. In 2021, Americans lost $770 million due to fraud in social networks, and in 2023, investment scams led to losses of more than $3.8 billion. The crypto market also suffers from criminal activity.
Scammer's Way
Many criminals use multiple platforms for their deceptive schemes. For example, a victim can be lured from a dating application to a crypto exchange. Therefore, the companies decided to join forces and exchange data to more effectively counter this problem.
Challenges of artificial intelligence
The development of artificial intelligence makes it difficult to detect fraudulent schemes, as deepfake technologies allow the creation of convincing fakes. This phenomenon highlights the importance of cooperation between companies to protect users.
Glossary
- Meta: The parent company of Facebook and Instagram.
- Match: The company that owns the dating app Tinder.
- Coinbase: One of the largest cryptocurrency exchanges in the world.
- Kraken, Ripple, Gemini: Other notable companies in the crypto space.
Links
Answers to questions
Which companies are participating in the Tech Against Scams Coalition?
Why did these companies decide to merge?
What types of scams are common on these platforms?
Why do criminals use multiple platforms for their scams?
What technologies can make fraud detection more difficult?
Hashtags
Save a link to this article
Discussion of the topic – Fight Scams: Match, Meta and Coinbase Form Tech Against Scams Coalition
The parent companies of Facebook, Instagram, Tinder, and Coinbase are teaming up to create the Tech Against Scams Coalition to fight online dating, social media, and cryptocurrency scams.
Latest comments
8 comments
Write a comment
Your email address will not be published. Required fields are checked *
Dmytro
Improving the security of online platforms is a really important step. Fraudsters are constantly coming up with new ways to trick people, so this kind of cooperation is necessary. 🤝
Emma
Indeed, joining forces can help in the fight against fraudsters. However, I doubt whether data sharing will be effective, as it may violate user privacy. You need to find a balance. 🤔
Hans
I already fell victim to a dating app scam last year! I'm more cautious now, but this coalition seems like a good idea. I hope it will help others to avoid such a situation. 😔
Luc
The main thing is that companies do not overstep the mark and limit the freedom of users under the pretext of fighting fraud. A reasonable balance of security and privacy is required. 💭
Гриць
Phew, some fashion fads again! Can't people just be careful and not fall for scammers? It's all a marketing trick to make money. 🙄
Ania
I agree that the fight against fraud is necessary, but the sharing of data between companies is a concern. I want my personal data to remain secure and private. 🔒
Marco
This initiative could prove to be very useful for the crypto-sphere. Fraudsters are causing huge losses to investors, so any steps to improve security are welcome. 💰
Ola
I think the joint effort makes sense. Modern technologies, such as artificial intelligence and deepfake, make fraud more and more sophisticated. Companies must keep up with the times. 🤖