Tech Against Scams Coalition: Coinbase Collaborated To Fight Scams

• 1 Coinbase has collaborated with Match Group, Meta, Kraken, Ripple, Gemini and the Global Anti-Scam Organization (GASO).
• 2 The objective of the collaboration is to fight against the increasing number of scams in the tech industry.
• 3 The targeted scams include online fraud and financial schemes.

The collaboration aims to share insights and knowledge on the lifecycle of scams. Additionally, they will provide resources to educate and protect consumers. They will collectively increase visibility and help us develop and evolve best practices to reduce the increasing number of scams.

With the growth in all segments of society, events of scams are not limited to social media, cryptocurrencies, finance or dating apps. It has grown across all the technology segments. The industry performers need to put in collective efforts to address this challenge.

The shared video on the Coinbase’s official X account clearly defines the scammers activities and ways to protect with the announcement of collaboration.

Through joint efforts, the creators will build a safer digital environment that will prevent scammers from exploiting and hurting users’ sentiments and funds. 

The Tech Against Scam Coalition is built to serve as a primary body that will allow all the tech participants to collaborate on ways to take action against the tools used by scammers, educate and protect consumers, and reduce rapidly evolving financial scams. 

It will include: sharing best practices, threat intelligence, and other tips and information to help keep users safe and protected from probable online fraud schemes.

How Education will Prevent Scams

Every year, consumers are estimated to lose $1.4 Trillion worldwide to financial scams through 0.5% of the total crypto transactions. All the major crypto exchanges have fallen into the trap led by scammers, despite several crypto measures and sophisticated security technology. 

Thus, there is a growing need for safety and the ability to recognize the early signs of contact with a probable scammer.

All the social media apps that a user uses on a daily basis, including messaging apps, social media, dating sites, and e-commerce marketplaces. These are the potential mediums for a scammer to reach their prey. 

Scammers are known to develop trust and make their targets comfortable with their platforms. The targets usually feel that they are communicating with a single person but there is generally a group of individuals involved in trapping innocent users.

Practices to Avoid Falling in the Trap

– Limit or restrict usage of third party apps: It is often recommended that users not download applications from unfamiliar sources.
– Cautious while sharing assets: Users are advised not to send their assets to anyone who they do not know in real-life.
– Discuss before making any such decision: It is advised to have a detailed discussion with a trusted counterpart, including friends or family, before making any financial investment decision.
– Make use of reputed platforms: reputed crypto platforms, including wallets and exchanges, should be preferred over less-known or new marketplaces. Moreover, users are not required to share their personal details, like private keys and seed phrases.
– Information is the key: It is important for all users to educate themselves about scams to avoid falling into similar traps. Several websites, including Coinbase, share numerous resources on identifying and avoiding scams.

Education and collaboration can collectively protect the community from scams and build a secure and financially secure future. 

As the Coinbase spokesperson said, “At Coinbase, we’re working hard to help update the financial system and make it more safe and secure.”

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.