The coalition that aims to respond to and prevent online fraud and scams includes cryptocurrency exchanges Coinbase, Kraken, and other organisations in the space. According to a statement on Wednesday, the “Tech Against Scams” coalition will act as a gathering place for its members to work together to take action against the techniques scammers use and safeguard consumers.
“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’,” said the group
Pig butchering’ is the practice of con artists reaching out to their victims via social media or dating apps, winning their trust before offering them a cryptocurrency-related money-making opportunity. In 2023, losses from cryptocurrency investment scams in the United States alone were $3.94 billion, up from $2.57 billion in the previous year, according to a Federal Bureau of Investigation (FBI) report.
Prominent cryptocurrency firms Ripple and Gemini, along with Meta (META) and Match Group (MTCH), the parent company of the dating apps Hinge and Tinder, are all members of the coalition..