Coinbase has formed an alliance with industry giants in the technology sector to combine resources and expertise to combat the growing problem of online fraud and financial scams.
The Tech Anti-Scam Alliance, which includes industry heavyweights such as Match Group, Meta, Kraken, Ripple, Gemini and the Global Anti-Scam Organization (GASO), stressed the need for a concerted effort to combat widespread fraud across platforms and industries.
By joining together, the companies hope to create a safer digital environment and enhance consumer protection from fraudulent activity.
“Scams are not limited to social media, crypto assets, finance or dating apps, they are a pervasive problem across the entire tech space,” Coinbase said.
“Through this alliance, we aim to share insights, knowledge and best practices to protect users and prevent scammers from taking advantage of them.”
The Technology Anti-Fraud Alliance will prioritize several key areas, including blocking fraudulent messages, developing best strategies for fraud prevention, and educating consumers.
At the same time, members will share information on fraud tactics and tools used by scammers, and jointly develop and update strategies to combat these scams. The focus will return to educating users to identify and avoid scams, ultimately preventing them from becoming victims.
Although blockchain transactions only account for 0.34% of illegal activity, the impact on victims is huge.
Coinbase highlighted that consumers worldwide lose approximately $1.4 trillion to financial fraud each year. The alliance aims to reduce this number through increased awareness and protective measures.
Coinbase said: “While we have a robust compliance program in place, no platform is immune to scams. It is critical that users remain vigilant and informed. By educating consumers, we can help them protect against scams before they happen.”
Coinbase also advises consumers to take precautions, such as only downloading applications from trusted sources; avoiding transactions with unidentified individuals; consulting trusted friends and family about potential investments; using reputable crypto asset wallets and exchanges; and staying up to date on the latest scams.
The ultimate goal of the alliance is to create a safe and fair financial environment that ensures the promise of greater global economic freedom.
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