Ripple Teams Up with Meta, Kraken, Coinbase to Safeguard Millions of Global Customers – Is $1 a Realistic Target for XRP Price Surge?

The coalition known as Tech Against Scams, led by Coinbase and including companies like Ripple, is determined to combat the growing threat of online fraud. The main objective of this initiative is to unite technology companies in sharing best practices and intelligence to protect consumers from evolving scams.
In a recent development, Ripple, a blockchain startup, has joined forces with top industry players such as Coinbase, Meta, Gemini, and Kraken to fight against online fraud and other illicit financial schemes. The establishment of the Tech Against Scams coalition was initiated by Coinbase in collaboration with various crypto and technology firms, including the Match Group, the parent company of Tinder and Hinge.
Tech Against Scams aims to serve as a central hub for participating technology companies to collaborate in combating the tools used by scammers. This platform will also educate and safeguard consumers from evolving financial scams.
The coalition will facilitate the exchange of best practices, threat intelligence, and other valuable insights to proactively protect users from falling victim to various online fraud schemes. This includes combating romance scams and crypto-related fraud like ‘pig butchering’.
Since last summer, Match Group, Coinbase, and Meta have formed an unprecedented partnership within the tech sector to address cross-platform threats like ‘pig butchering’. Recognizing the potential to enhance their efforts against these crimes, they have expanded the collaboration to include more companies.
Thus, this cross-industry alliance now includes online, social media, and cryptocurrency firms, leveraging their respective strengths to identify emerging adversarial trends, share best practices, combat global scams, and collectively safeguard users.
Addressing the rise of online scams, the FBI’s Internet crime report for 2023 revealed that the American public reported losses exceeding $12.5 billion due to online fraud incidents. Approximately $3.94 billion of these losses were attributed to cryptocurrency investment fraud.
This coalition, which includes Ripple and other players, will act as a force multiplier for security teams within tech companies, facilitating the exchange of threat insights and trends. The collaboration aims to enhance the effectiveness of disrupting scam networks on a global scale. Speaking about the development, Devraj Varadhan, EVP of Engineering at Ripple, stated, “As scams continue to become more convincing and intricate, bad actors are taking every opportunity to target and defraud innocent victims. We must fight back and educate individuals on how to protect themselves from these predators. There is no place for scammers, and we must come together across industries to address this pressing issue.”
Tech industry leaders are united in their determination to eradicate scammers once and for all. Ripple is proud to join this coalition alongside other industry heavyweights.