Meta, Match Group, Coinbase, others team up to prevent, disrupt financial scams

NEW DELHI — Major tech companies across social media, dating apps, financial institutions and crypto on Tuesday announced a new coalition — Tech Against Scams, to help prevent online fraud and financial schemes that target consumers across industries.

The coalition includes Meta (formerly Facebook), Coinbase, Match Group, the parent company of Tinder and Hinge, Kraken, Ripple and Gemini, as well as the Global Anti-Scam Organisation.

“We hope that this coalition will serve as a force multiplier for security teams at tech companies to share threat insights and trends to enable more impactful disruptions of scam networks around the world,” said Guy Rosen, Chief Information Security Officer at Meta.

Under this coalition, the participating tech companies will work together to take action against the tools used by scammers. The companies will also educate and protect consumers and disrupt rapidly evolving financial scams.

This work will include 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 such as romance scams or crypto scams like ‘pig butchering’.

“Tech companies across industries collaborating with each other is essential for preventing criminal activity, and ultimately helps online platforms stay ahead of, and develop effective solutions for, various types of financial crimes,” said Yoel Roth, VP, Trust & Safety at Match Group.

Beginning last summer, Match Group, Coinbase and Meta started a first-of-its-kind partnership in the tech industry to understand cross-platform threats, including pig butchering and recognised an opportunity to better disrupt these crimes by bringing additional companies into the conversation.

“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,” said Philip Martin, Chief Security Officer at Coinbase.