Meta, Match Group, and others join forces to fight online fraud

Major players in the tech industry have joined forces to combat the rising tide of online fraud and financial scams. Led by industry giants like Match Group, Coinbase, Meta, and Ripple, the newly formed coalition, known as Tech Against Scams, marks a pivotal moment in the fight against cybercriminals who prey on unsuspecting consumers across various digital platforms.

The genesis of Tech Against Scams lies in the recognition of a common enemy – the sophisticated networks of scammers and fraudsters who exploit vulnerabilities across social media, dating apps, financial institutions, and cryptocurrency platforms. By pooling their resources and expertise, the coalition aims to disrupt these criminal operations and safeguard users from falling victim to a myriad of scams, including the notorious “pig butchering” scheme.

At the core of Tech Against Scams’ mission is collaboration. Bringing together a diverse array of companies, including Coinbase, Match Group (the parent company of Tinder and Hinge), Meta, Kraken, Ripple, Gemini, and the Global Anti-Scam Organization, the coalition serves as a nexus for sharing insights, best practices, and threat intelligence. This collective effort enables participating companies to stay ahead of evolving scam tactics and coordinate targeted interventions to protect users.

The catalyst for this unprecedented collaboration can be traced back to initiatives spearheaded by Match Group, Coinbase, and Meta. Recognizing the limitations of operating in isolation, these industry leaders embarked on a groundbreaking partnership to analyze cross-platform threats and identify opportunities for more effective intervention. As the scope of the challenge became increasingly apparent, they extended invitations to other tech companies, paving the way for a united front against online fraud.

Guy Rosen, Chief Information Security Officer at Meta, emphasizes the coalition’s role as a “force multiplier” for security teams, empowering them to gain a comprehensive view of malicious activities across multiple platforms. By transcending organizational silos and fostering information sharing, Tech Against Scams aims to disrupt scam networks on a global scale and mitigate the harm inflicted on unsuspecting victims.

Yoel Roth, VP of Trust & Safety at Match Group, underscores the importance of collaboration in combating criminal activity and highlights the ongoing investment in technological solutions to thwart fraudsters. For Roth and his counterparts at other member companies, the fight against scams is not just a matter of protecting their platforms but also of ensuring the safety and well-being of their users.

Philip Martin, Chief Security Officer at Coinbase, echoes this sentiment, emphasizing the need for industry leaders to unite in the face of increasingly sophisticated fraud schemes. Through collaboration, information sharing, and consumer education, Martin believes that Tech Against Scams can disrupt emerging scams and create a safer digital environment for all.

As Tech Against Scams embarks on its mission to combat online fraud, its members are committed to working closely with law enforcement agencies to support investigations and hold perpetrators accountable. Through sustained collaboration and collective action, the coalition aims to turn the tide against cybercriminals and create a safer digital landscape for users everywhere.