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Tech Against Scams: the initiative of technology giants to stop online scams

Some of the big technology companies, including Meta, Match Group, Coinbase and the Global Anti Scam Organization (GASO), have joined forces to fight online fraud and scams cryptographic under the new Tech Against Scams initiative.

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Currently, online platforms, whether social networks, dating applications or financial services, are one of the favorite frameworks for scammers and cybercriminals, who use them as a means to attack users and carry out malicious actions such as obtaining personal data or steal your money, through various formulas, such as social engineering.

Within this framework, in order to stop this type of attacks, Tech Against Scams has been announced, a new alliance in which some of the main technology companies participate, aimed at helping companies respond to and prevent the online fraud and financial and crypto scams, which are increasingly targeting more consumers.

Specifically, this initiative was born from the hand of technology companies such as Meta, Match Group -parent company of Tinder and Hinge-, Coinbase, Kraken, Ripple and Gemini, as well as the Global Anti Scam Organization. Together, they will collaborate to crack down on tools used by scammers, as well as find ways to educate and protect consumers, as well as disrupt “rapidly evolving” financial scams.

This was detailed in a joint statement, in which they specified that the Tech Against Scams project will serve as the “main convening body” and will allow technology companies to share their experience on threat intelligence and their current practices regarding it.

In this way, they will be able to share information to help keep users safe and protected “before they become victims of an online fraud scheme, a romance scam or cryptocurrency theft.

As an example, the Tech Against Scams coalition has referred to what is known as “pig butchery,” a crypto scam that companies such as Meta, Match Group and Coinbase already began to jointly confront last summer, and which is based in a long-term deception in which the victim is gradually induced to make increasing investments in a fraudulent cryptocurrency scheme.

Within the framework of this type of scam, these companies collaborated to understand the operation of multi-platform threats, one of the main difficulties in stopping cybercriminals, since they operate and target many people through various services on the Internet. As a result, they identified an opportunity to better combat these crimes and scams, through group action.

Now, with Tech Against Scams, more technology companies and organizations will share their knowledge and increase their collaboration. All of this with the aim of “taking advantage of the unique position of each company in the ecosystem” and, in this way, identifying new adverse trends and sharing best practices to combat global scams, promoting collective actions to protect users.

“We hope that this coalition will serve as a force multiplier for technology companies’ security teams to share knowledge and trends about threats” and, thus, achieve “more impactful disruptions of fraudulent networks around the world,” he said. the director of Information Security at Meta, Guy Rosen.

Match Group’s Vice President of Trust and Security, Yoel Roth, spoke in the same way, highlighting the importance of collaboration between technology companies from all sectors to prevent criminal activity. “As we work to make it harder for fraudsters to defraud people, we will also continue to invest in new technologies to help stop fraud and scams more quickly,” Roth said.

For his part, the Chief of Operations of the Global Anti-Scam Organization, Brian Bruce, has reiterated the need for a “multisectoral” response with technology and financial companies, in order to prevent users from continuing to lose “hundreds of millions of dollars.” every month” globally.

Looking ahead, the Tech Against Scams coalition will create “new workstreams” to identify best practices to give consumers the tools and information they need to better protect themselves. Additionally, the companies have committed to working with global law enforcement agencies to continue supporting investigations that combat fraud and online crimes.

Source: Elcomercio

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