A tech coalition to combat scams

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This week we’re focused on…

Protecting tech users against scams. 

Why? 

Because in 2023, the US Federal Trade Commission reported that consumers in the US alone lost a record high of over USD $10 billion to fraud – and global e-commerce payment fraud losses in 2022 were estimated at $41 billion. 

Scams are becoming more common and more costly. 

A group of tech companies are collaborating against fraud 

When we interviewed Philip Martin (CSO at Coinbase), he mentioned the Tech Against Scams coalition – launched this year by companies including Coinbase, Match Group, Meta, Kraken, Gemini, and GASO. 

The coalition’s purpose is to fight online fraud and financial scams – emphasising the reality that scams are an issue across all connected technologies (not just fintech, crypto, or social media). 

“...combating scams requires a collective effort,” Philip said, “which is why we joined the coalition with other major tech companies to share knowledge and protect users across the industry.”

How will this coalition combat scams? 

The Tech Against Scams coalition’s primary strategy is education. The internet has been flooded with false information in recent years, and it’s difficult for users to decipher good, legitimate advice from fake or malicious information. 

By bringing cybersecurity knowledge out into the light for digital users to see and understand, the coalition aims to protect consumers from financial schemes and online fraud tactics that target them when they interact with a wide range of technologies and industries. 

It’s scam prevention through education. recognise the signs 

The coalition will also share information to combat the tools used by scammers 

As well as its consumer-facing education initiatives, companies in the coalition will also work closely with each other to share information about evolving threat strategies and work to combat the tools scammers are using against victims. 

"Tech companies across industries collaborating with each other is essential for preventing criminal activity, and ultimately helps online platforms stay ahead of, and develop effective solutions for, various types of financial crimes," said Yoel Roth (VP, Trust & Safety at Match Group) in an interview with PR Newswire. 

"As we work to make it harder for scammers to defraud people, we will also continue investing in new technologies to help disrupt fraud and scams faster, and get people the support and resources they need."

Fighting fraud and social engineering attacks together 

All of the companies involved in this coalition have, independently, been investing in research and development to protect their users from threat actors for years. 

Now, they recognise they can be more effective if they work together – by sharing their insights and developing systems to standardise best practices and educational resources, they can give consumers better tools to protect themselves when they interact with technology. 

It’s a message we’ll repeat again and again: collaboration drives greater resilience across the board. Tech and networks are more secure when industries, organisations, and teams work together and make knowledge more accessible. 

Add more to the conversation: open this newsletter on LinkedIn and share your perspective in the comments section. 

Read our interview with Philip Martin: Embracing transparency in leadership

Do you have an idea for a topic you'd like us to cover? We're eager to hear it! Drop us a message and share your thoughts. Our next newsletter is scheduled for 18 September 2024.

Catch you next week,
Steve Durning
Exhibition Director

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