An important development occurred with an announcement made on Wednesday involving cryptocurrency exchanges Coinbase, Kraken and other crypto companies. These companies have joined forces in the fight against online scams and frauds by joining an alliance called “Tech Against Scams”.

So what exactly will the “Tech Against Scams” coalition do? This alliance will serve as a platform where its members will collaborate to counter the methods used by fraudsters and protect their customers. The coalition’s work will include sharing best practices, threat intelligence and other tips to protect users before they fall victim to fraud schemes. These fraud schemes can range from “romance scams” ​​that gain trust through romantic relationships and then funnel it into cryptocurrency investments, to scams that refer to cryptocurrencies as “pig slaughter.”

In the “hog slaughter” scam, scammers contact their victims through dating apps or social media. After gaining the victims’ trust, scammers offer an attractive money-making opportunity involving cryptocurrency. This opportunity is usually offered through a fake investment platform or cryptocurrency exchange. Victims invest by believing the words of fraudsters, but then face the inability to access their investments or the complete loss of their investments.

The broad scope of the “Tech Against Scams” coalition provides a significant advantage in the fight against such scams. In addition to cryptocurrency exchanges and crypto companies, the coalition includes names such as technology giant Meta (META) and Match Group (MTCH), the parent company of dating apps Tinder and Hinge. This allows knowledge and experience from different sectors to be brought together to combat fraud.

The activities of the coalition may cover areas such as detecting and blocking suspicious accounts of cryptocurrency exchanges, detecting and blocking fake platforms used by fraudsters, and raising users’ awareness about fraud methods. Additionally, cooperating with law enforcement forces to catch fraudsters and bring them to justice may also be on the coalition’s agenda.

The establishment of the “Tech Against Scams” coalition is considered a positive step in the fight against online fraud. The coalition’s activities are expected to increase the security of internet users and make a significant contribution to the prevention of online fraud. However, since cryptocurrencies are still a new field and scammers are constantly developing new methods, the coalition needs to be prepared for constantly evolving threats.