Prominent US-based cryptocurrency exchange Coinbase announced the launch of a new initiative called ‘Tech Against Scams’ along with industry leaders Meta, Ripple, Gemini, Kraken, Match Group, and GASO.

This coalition aims to tackle online fraud and financial schemes while simultaneously protecting and educating users, highlighting that scams are a tech-wide issue, not restricted to social media, cryptocurrency, or finance.

In an official blog post, Coinbase said that the Tech Against Scams coalition serves as a primary convening body where participating tech companies will collaborate on ways to take action against the tools used by scammers, educate and protect consumers, and disrupt rapidly evolving financial scams.

This work will involve sharing best practices, threat intelligence, and other tips and information to help keep users safe and protected before they become victims of an online fraud scheme.

“By sharing insights and knowledge about the lifecycle of scams, we aim to provide resources to educate and protect consumers. Our collaboration across sectors will enhance visibility and help us develop evolving best practices to combat rapidly evolving scams, such as “pig butchering.”

Meanwhile, Coinbase also estimated that consumers across the world lose $1.4 trillion to financial scams every year.

In 2023, cases reported by the American public resulted in losses exceeding $12.5 billion due to online fraud, marking a 22% surge compared to the previous year, as revealed by the FBI’s annual Internet Crime Report.

Among digital crimes, the highest losses were led by investment frauds, reaching $4.57 billion, which represented a 38% increase from the previous year. The FBI further reported that approximately $4 billion of these losses were linked to cryptocurrency investment fraud.

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