Coinbase Leads Tech Coalition to Combat Online Fraud

Crypto exchange Coinbase has launched the Tech Against Scams coalition, collaborating with industry leaders such as Match Group, Meta, Kraken, Ripple, Gemini, and the Global Anti-Scam Organisation (GASO) to address online fraud and financial schemes.

The coalition aims to prevent online fraud and financial scams targeting consumers across various industries by taking collective action. It will focus on disrupting scam tools, educating and protecting consumers, and staying ahead of rapidly evolving financial scams through the exchange of best practices, threat intelligence, and other safety measures.

Scams like “pig butchering” are pervasive across the tech landscape, impacting social media, cryptocurrency, finance, and dating apps. This necessitates a collective effort from industry players to combat them effectively.

Despite representing less than 0.5% of crypto transactions, financial scams can have devastating effects on victims, with an estimated global loss of US$1.4 trillion annually.

Users are advised to remain vigilant against scams by avoiding unsolicited investment advice, using reputable platforms, and educating themselves on fraud tactics. The overarching goal is to protect the community and promote global economic freedom.

Coinbase reaffirmed its commitment to enhancing the safety and security of the financial system. Despite only 0.34% of blockchain transactions being linked to illicit activities, the exchange prioritises crypto security through measures such as KYC checks, sanctions screenings, suspicious activity reporting, and robust law enforcement partnerships to prevent and detect illicit activities on its platform.