Coinbase has formed a coalition with industry giants from across the tech sector to combine resources and expertise to tackle the growing issue of online fraud and financial schemes.The “Tech Against Scams” coalition includes industry giants like Match Group, Meta, Kraken, Ripple, Gemini, and the Global Anti-Scam Organization (GASO).The coalition highlights the necessity of a unified effort to address scams, which have become pervasive across various platforms and industries. By joining forces, these companies hope to create a safer digital environment and enhance protection for consumers against rapidly evolving scams.Coinbase said:“Scams are not limited to social media, cryptocurrency, finance, or dating apps; they are a widespread issue across the tech landscape. Through this coalition, we aim to share insights, knowledge, and best practices to protect users and prevent scammers from exploiting them.”The Tech Against Scams coalition will prioritize several key areas, including the exchange of threat intelligence, the development of evolving best practices, and consumer education.Members will share information on scam tactics and tools used by fraudsters, working together to create and update strategies to combat these schemes. Emphasis will be placed on educating users about recognizing and avoiding scams, ultimately helping to protect them from becoming victims.Despite blockchain transactions accounting for only 0.34% of illicit activity, the impact on victims can be significant. Coinbase highlighted that globally, consumers lose approximately $1.4 trillion to financial scams annually.The coalition aims to reduce this number by improving awareness and protective measures.The exchange said:“While Coinbase maintains a robust compliance program, no platform is immune to scams. It’s crucial for users to be vigilant and informed. By educating consumers and sharing resources, we can help prevent scams before they occur.”Coinbase advised consumers to take precautions such as downloading apps only from trusted sources, protecting their assets by avoiding transactions with unknown individuals, consulting with trusted friends and family about potential investments, and using reputable crypto wallets and exchanges. Staying informed about the latest scam tactics is also essential.The coalition’s ultimate goal is to foster a secure and fair financial environment, ensuring the promise of increasing global economic freedom.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI. Join our X community for real-time crypto news and expert insights.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
