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In a groundbreaking move, Ripple has announced its coalition with some of the most influential names in the tech industry. This alliance, which includes heavyweights like Coinbase Meta, and others, is a strategic response to the alarming rise in online fraud and financial schemes that have plagued the digital space.
According to a press release, tech companies across social media, dating apps, financial institutions and crypto have announced a new "Tech Against Scams" coalition to combat online fraud and financial schemes that target consumers across industries.
The coalition includes Coinbase, Match Group - the parent firm of Tinder and Hinge - Meta, Kraken, Ripple and Gemini, as well as the Global Anti-Scam Organization.
"Tech Against Scams" aims to leverage the collective expertise and resources of its members to tackle the sophisticated and ever-evolving threat of cyber scams. It will serve as the principal forum for participating tech companies to work on strategies to combat scammers' tools, educate and protect consumers, and disrupt fast-changing financial scams.
Tomiwabold OlajideThis work will include sharing best practices, threat intelligence and other advice and information to help consumers stay safe and protected before falling prey to an online fraud scheme such as romance scams or cryptocurrency scams like "pig butchering."
Brad Garlinghouse, the CEO of Ripple, has expressed his enthusiasm for the coalition, highlighting the critical need for action against a scourge of online scams.
In a recent tweet, Garlinghouse expressed his excitement about the coalition's potential to make a significant impact: "There’s one thing all of us in tech can agree on – it’s high time we dismantled the scammers once and for all. Proud that Ripple is joining this coalition along with other industry heavyweights."
Yuri Molchan
Vladislav Sopov
Dan Burgin
Alex Dovbnya