Coinbase has teamed up with major tech companies to address the rising issue of online fraud and financial schemes. The “Tech Against Scams” coalition includes industry leaders like Match Group, Meta, Kraken, Ripple, Gemini, and the Global Anti-Scam Organization (GASO).

The coalition emphasizes the need for a collective effort to combat scams that affect various platforms and industries. By collaborating, these companies aim to create a safer digital environment and better protect consumers from evolving scams.

Coinbase stated that scams are widespread across social media, cryptocurrency, finance, and dating apps. Through the coalition, they plan to share insights, knowledge, and best practices to protect users and prevent scams.

The coalition will focus on sharing threat intelligence, developing best practices, and educating consumers. Members will exchange information on scam tactics and tools used by fraudsters to create and update strategies to fight these schemes. Emphasis will be placed on teaching users to recognize and avoid scams to protect them from becoming victims.

Despite blockchain transactions only making up 0.34% of illicit activity, scams have a significant impact on victims, with global consumer losses estimated at $1.4 trillion annually. The coalition aims to reduce this number through improved awareness and protective measures.

Coinbase maintains a strong compliance program but acknowledges that no platform is immune to scams. They stress the importance of consumer vigilance and education. By sharing resources and educating consumers, they aim to prevent scams before they happen.

Coinbase advises consumers to download apps from trusted sources, avoid transactions with unknown individuals, consult trusted friends and family about potential investments, and use reputable crypto wallets and exchanges. Staying informed about the latest scam tactics is also crucial.

The coalition’s ultimate goal is to create a secure and fair financial environment, ensuring the promise of increased global economic freedom.