Meta, Coinbase and other companies have formed the Technology Against Fraud coalition to fight online fraud.
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Meta, #Coinbase and other companies have formed the Technology Against Fraud coalition to fight online fraud.
The alliance includes Match groups, Kraken, #Ripple and #Gemini .
The initiative aims to combat scams related to romance, #cryptocurrencies and artificial intelligence.
Meta, Coinbase and other major players in the tech and crypto industry have formed a new coalition called Technology Against Fraud to fight dating apps, social media and cryptocurrency scams. According to a statement released Tuesday, the group will work together to find a way to combat the tools used by scammers.
The coalition also includes Match Group, owners of Tinder and Hinge, Kraken, Ripple, Gemini and a global anti-fraud organization.
"Technology Against Fraud" is an initiative to educate people and provide them with tools to combat romance and "pig slaughter" scams. These types of scams include creating fake social media accounts and dating site profiles to gain the trust of customers and then tricking them into sending them cryptocurrencies.
Participating companies will also share best practices, threat intelligence and many other tips to help users avoid falling victim to such online scams.
Guy Rosen, Meta's chief information security officer, said in a statement that the coalition will strengthen the security efforts of technology companies to take down rogue networks around the world.
We hope this coalition will provide threat intelligence and trends for technology companies' security teams, enabling them to more effectively take down rogue networks around the world.
In an interview with Fortune, Yoel Roth, vice president of trust and security at Match Group, said all technology companies need to unite to fight criminals.
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