Major technology firms including Coinbase, Match Group, Meta, and others have established a coalition named “Tech Against Scams,” an initiative that targets the growing threat of romance scams and cryptocurrency investment fraud.
The prevalence of such scams has escalated in recent years, with fraudsters often creating fake identities to form relationships with unsuspecting victims through text messages, social media, or dating apps—a deceitful practice known as “catfishing.”
Once trust is established, they coax victims into making cryptocurrency investments and siphon off funds to their own accounts.
“Tech Against Scams” plans to share threat intelligence, best practices, and consumer education to prevent scam tactics.
This collaborative effort spans across various tech sectors, indicating the pervasive nature of scams across all digital platforms.
Cryptocurrency firms Ripple and Gemini are also members of the new group.
The Department of Justice has recently uncovered a romance scam involving the laundering of at least US$73 million, which included converting the stolen funds into USDT and transferring over US$341 million in virtual assets.
