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 onThe 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.
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