Tech giants including Ripple join forces to combat rising online scams.
Coalition intends to combat the rapidly evolving crypto scams like pig butchering.
Brad Garlinghouse posits it is high time immediate action be taken against such financial scams.
In a significant development, the global payments platform Ripple has joined forces with tech giants like Coinbase, Meta, Kraken, and Gemini to combat the rise of online scams. Ripple CEO Brad Garlinghouse applauded the tech companies’ collaborative effort to disrupt scammers’ activities.
There’s one thing all of us in tech can agree on – it’s high time we dismantled the scammers once and for all. Proud that @Ripple is joining this coalition along with other industry heavyweights! https://t.co/UrF1bseUgQ
— Brad Garlinghouse (@bgarlinghouse) May 22, 2024
On May 21, these leading technology firms launched “Tech Against Scams,” a coalition dedicated to fighting online fraud and financial thefts. Devraj Varadhan, EVP of Engineering at Ripple, emphasized the importance of educating consumers about these malicious financial schemes, making them more resilient to such threats. He stated:
“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.”
Ripple took to X to announce the company’s decision to join the Tech Against Scams program. The firm wrote on its X page, “Together, we’re taking action to protect consumers and disrupt scammers.”
Introducing Tech Against Scams!🛡️Ripple is joining forces with Match Group, @Coinbase, @Meta, @Gemini, @krakenfx, and more to combat online fraud and financial schemes. Together, we're taking action to protect consumers and disrupt scammers. Learn more: https://t.co/T2qmfDPoYS
— Ripple (@Ripple) May 21, 2024
Welcoming this development, Garlinghouse stated that it is “high time” to take strategic action against the growing number of scams and exploits like ‘pig butchering.’ He added:
“There’s one thing all of us in tech can agree on – it’s high time we dismantled the scammers once and for all. Proud that Ripple is joining this coalition along with other industry heavyweights!”
Meanwhile, the blockchain platform Coinbase announced its collaboration with the industry leads, emphasizing to its clients the need to follow the best practices to avoid the prevailing crypto threats. Coinbase declared, “This partnership is dedicated to preventing online fraud and financial schemes that target consumers across various industries.”
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