Meta, Coinbase and some other major tech companies have pledged to tackle online fraud online on social media, dating apps and cryptocurrency platform.
This was disclosed in a statement. The movement tagged, ‘Tech Against Scams’ is a collaboration to fight against scammers and promote education against financial scams.
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“Scammers and the organised criminal groups being pig butchering schemes target people across many internet services, making it hard for any company to see the full picture of malicious activity and counting on each of us working in silos,” Guy Rose, chief information security officer at Meta, said.
The partnership which has other firms like the Match Group, will promote best practices, threat intelligence and other information to keep users safe and from becoming victims of online fraud schemes.
“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,” Rose added.
The advent of Artificial Intelligence (AI) is blurring the lines between scams and real-life interactions. Recent reports have noted that scammers are using AI to create persuasive FaceTime calls, emails, phone calls and videos to their victims where they may be posing as who they are not.
“As we work to make it harder for scanners to defraud people, we will also continue investing in new technologies to help disrupt fraud and scams faster and get people the support and resources they need,” said Yoel Roth, VP, of Trust and Safety at Match Group.
In addition, Philip Martin, chief security officer at Coinbase, noted that fraud schemes are becoming increasingly sophisticated, underscoring a greater emphasis on the importance of industry leaders coming together to tackle fraud and secure a safe digital environment for users.
