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Previously, several leading technology and cryptocurrency companies had come together to form a coalition, Tech Against Scams, dedicated to fighting online scams and scams, including crypto scams with pig butchering schemes.

Announced by Match Group, the coalition also includes leading companies such as Coinbase, Meta, Kraken, Ripple, Gemini and the Global Anti-Fraud Organization.

Tech Against Scams will serve as the main convening body where participating technology companies will collaborate on taking action against tools used by fraudsters, educating and protecting consumers, and stopping fast-growing financial fraud,” details the announcement, quoted from Bitcoin. com, Saturday (25/5/2024).

The project will include sharing best practices, threat intelligence, and other tips and information to help keep users safe and protected before they fall victim to online fraud schemes such as romance scams or crypto scams such as pig slaughter.

Leveraging years of independent initiatives to protect its users, the coalition aims to create a new operational framework that defines and implements industry-wide best practices for fraud prevention.

By cultivating strong relationships with global law enforcement agencies, the coalition aims to increase the effectiveness of investigations into online fraud and crime, thereby strengthening the overall security ecosystem.

Coinbase Chief Security Officer Philip Martin said fraud schemes are becoming increasingly sophisticated, underscoring a greater emphasis on the importance of industry leaders coming together to tackle fraud and secure a safer digital environment for users.

We are dedicated to stopping growing online fraud through collaboration, sharing information, and increasing consumer education,” he concluded.