Coinbase Leads Tech Coalition to Combat Online Scams

Coinbase Leads Tech Coalition to Combat Online Scams

Coinbase has spearheaded the launch of the Tech Against Scams coalition, joining forces with prominent crypto and tech firms, including Meta, Ripple, Kraken, Gemini, the Global Anti-Scam Organization (GASO), and Match Group—the parent company of Tinder and Hinge.

This coalition aims to tackle online fraud and financial schemes through cross-industry knowledge sharing. By uniting multiple sectors—encompassing social media, cryptocurrency, finance, and dating apps—the initiative underscores the pervasive nature of scams across all technological platforms.

In a statement on X, Coinbase expressed their commitment: “We’re proud to announce the Tech Against Scams coalition. Scams are a tech-wide issue and require an industry-wide response. Together with industry leaders, we’re committed to protecting and educating users.”

A key focus of the coalition will be user education on scam tactics and prevention strategies. Additionally, the group plans to exchange best practices and threat intelligence to bolster consumer protection and disrupt online scam operations.

The urgency of this initiative is highlighted by the FBI’s 2023 annual internet crime report, which revealed that the American public reported losses exceeding $12.5 billion due to online fraud. Notably, $3.94 billion of these losses were linked to cryptocurrency investment fraud.