Creation of the Technology Against Fraud Coalition
Date: 2024-05-23 Author: Gabriel Deangelo Categories: BLOCKCHAIN
On May 22, 2024, the largest cryptocurrency exchange Coinbase announced the launch of a coalition called “Tech Against Scams”. This partnership, which includes industry leading companies such as Meta, Kraken, Ripple, Gemini, the Global Anti-Fraud Organization (GASO) and Match Group, aims to combat fraud and improve the security of online financial transactions.
Common purpose and values
Coinbase emphasizes that the coalition is committed to creating a more secure digital environment for all users. Partners in the coalition will share knowledge and best practices to effectively combat different types of fraudulent schemes. Even though only 0.34% of blockchain transactions are used for illegal activities, companies are paying particular attention to crypto security, recognizing it as a top priority.
The meaning and influence of the coalition
Coinbase emphasizes that fraud is not only a problem for the crypto industry, but also for other sectors such as social media and finance. The companies' collaboration is expected to help improve transaction transparency and promote the development of anti-fraud best practices.
Statistics and recommendations
According to the crypto exchange, annual consumer losses from financial fraud amount to $1.4 trillion worldwide. Therefore, it is extremely important to take measures to ensure the safety of financial assets. Coinbase offers several recommendations for users, including avoiding third-party apps from unknown sources and using reputable crypto wallets and exchanges.
Similar initiatives in the industry
The Coinbase partnership is another example of an industry committed to a more secure and transparent environment. In November 2023, KPMG Canada partnered with Chainalysis to combat cryptocurrency scams, and Binance launched the Anti-Scam Ninja program with rewards for users who report fraudulent activity.
The Technology Against Fraud Initiative from Coinbase and its partners demonstrates the industry's serious commitment to security and transparency. This is a step forward in the fight against fraud and protecting the interests of users in online financial transactions.
