- Ripple, Meta, and others launch “Tech Against Scams” to fight online fraud.
- Coalition focuses on consumer protection and education against crypto scams.
- Major tech firms unite to dismantle complex schemes like “pig butchering.”
The international payments network Ripple has teamed up with well-known IT firms to combat the rise in online fraud. The alliance, called “Tech Against Scams,” consists of Kraken, Gemini, Coinbase, and Meta. The program was formally launched on May 21st, with a focus on preventing financial theft and online fraud.
Read CRYPTONEWSLAND on
google news
The CEO of Ripple, Brad Garlinghouse, stressed the vital necessity of concerted action against complex schemes that take advantage of individuals.
Consumer Protection and Education
Executive Vice President of Engineering at Ripple, Devraj Varadhan, underlined the coalition’s dedication to customer education. He emphasised that it is critical to provide people with information so they can defend themselves as scams get more and more convincing.
“Bad actors are exploiting every opportunity to defraud innocent victims,” Varadhan noted. “We must fight back and educate individuals on how to safeguard against these predators.”
Ripple took to social media platform X to announce its participation in the coalition. “Together, we’re taking action to protect consumers and disrupt scammers,” the Ripple said.
The Risk of “Pig Butchering” Scams
Garlinghouse brought up the threat posed by schemes such as “pig butchering,” which use sustained deceit to trick victims. He expressed pride in Ripple joining this collaborative effort with other industry leaders.”There’s one thing all of us in tech can agree on – it’s high time we dismantled the scammers once and for all,” said Garlinghouse.
Another important coalition member, Coinbase, emphasised the significance of this collaboration. The blockchain platform made clear that in order to protect themselves from current crypto dangers, clients must use best practices. “This partnership is dedicated to preventing online fraud and financial schemes that target consumers across various industries,” Coinbase declared.
The partnership “Tech Against Scams” is an initiative to prevent fraudulent activities and safeguard customers as frauds continue to change. Well-known digital businesses like Ripple, Coinbase, and Meta are demonstrating the relevance of this project by participating. Through preemptive steps and consumer education, the coalition hopes to make the internet a safer environment for everyone.
Read Also:
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
