Coinbase Forms Anti-Fraud Alliance with Tech Giants
Coinbase has teamed up with industry giants in the tech sector to create an alliance aimed at integrating resources and expertise to tackle the growing issue of cyber fraud and financial scams.
The Anti-Fraud Technology Alliance includes major industry players such as Match Group, Meta, Kraken, Ripple, Gemini, and the Global Anti-Scam Organization (GASO). The alliance emphasizes the necessity of a united effort to combat fraud, which is prevalent across various platforms and industries.
These companies aim to create a safer digital environment by working together to enhance consumer protection against fraudulent activities.
Coinbase stated, “Fraud is not confined to social media, crypto assets, financial, or dating apps; it is a pervasive issue across the entire tech sector.”
“Through this alliance, we aim to share insights, knowledge, and best practices to protect users and prevent scammers from exploiting them.”
The Anti-Fraud Technology Alliance will prioritize several key areas, including blocking scam messages, developing best strategies for fraud prevention, and conducting consumer education.
Additionally, the members will share information on scam strategies and tools used by fraudsters, working together to develop and update strategies to combat these scams. The focus will be on educating users to recognize and avoid scams, ultimately preventing them from becoming victims.
Although blockchain transactions only account for 0.34% of illegal activities, the impact on victims is substantial.
Coinbase highlighted that global consumers lose approximately $1.4 trillion annually due to financial fraud. The alliance aims to reduce this number by raising awareness and implementing protective measures.
“Despite having robust compliance programs in place, no platform can entirely avoid scams. It is crucial for users to remain vigilant and informed. By educating consumers, we can help prevent scams before they occur.”
Coinbase stated
Coinbase also advises consumers to take preventive measures, such as downloading apps only from trusted sources; avoiding transactions with unknown individuals; consulting trusted friends and family about potential investments; using reputable crypto asset wallets and exchanges; and staying informed about the latest scam tactics.
The ultimate goal of the alliance is to create a safe and fair financial environment, ensuring the promise of increased global economic freedom is fulfilled.