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Meta, Coinbase, Ripple and Kraken team up to fight online fraud

With the advent of social media and digital payment services, online fraud has increased. The main players in this sector have joined forces to fight fraud and protect investors. In a new effort, Meta, Coinbase, Ripple and Kraken have joined forces to reduce scam attacks.

A high-level coalition to fight fraud in the blockchain sector

gathers an allianceAnti-fraud technologySome of the biggest names in cryptocurrency, including Coinbase, Kraken, Ripple, Meta (which runs Facebook, Instagram and WhatsApp) and the Global Anti-Scam Organization (GASO), are also participating in this alliance.

As Coinbase explains in a press release, fighting scams requires a holistic view:

“Scams are not limited to social networks, cryptocurrencies, financial or dating applications (…) Tackling this problem therefore requires a collective effort from all of us.

Coinbase points to the fastest growing scams, like “pig butchery.”

👈Read more: Because the risk increases during vacation periods How to find out Fraudsters’ plans?

“Faten the pig” is a type of scam in which criminals lure victims into digital relationships to build trust before convincing them to invest in cryptocurrency platforms. Unbeknownst to the victims, the scammers take control of the platforms and eventually take all the money and disappear.

The “Technology against fraud” coalition will serve as a forum for the various stakeholders involved to better coordinate their actions. Especially since scammers are often very organized. They are also generally good for Create trust And comfort their victims.

The coalition therefore intends to facilitate awareness-raising in order to identify and stop large organized groups. This will also include new best practice guides, which will be presented to other companies in the sector.

As a reminder in 2023, the total losses due to... Cryptocurrency scams Around $4.6 billion, which is a decrease from $6.5 billion in 2022 according to the Chainalysis platform. As for 2024, the year isn't over yet, but unfortunately it looks like these numbers will start to rise again.

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