🔥 Companies Unite Against Pig Butchering Scams
posted 21 May 2024
Match Group, the developer of popular dating services, has joined forces with the crypto exchanges Coinbase, Kraken, Gemini, and Meta (Facebook and Instagram) in a new initiative called Tech Against Scams. Together, they aim to combat the Pig Butchering scam, which involves building fake online relationships to steal assets.
According to Match’s VP of Trust and Safety Yoel Roth, these scam groups are typically based in Southeast Asia. They lure victims with romantic interest, convincing them to transfer cryptocurrencies, purchase goods, or "invest" in digital assets through fake platforms, only to disappear with the funds.
Tech Against Scams will allow these companies to share information, educational materials, and resources to combat online dating fraud. Previously, each platform tracked scammers independently, but they quickly moved to other services and continued their fraudulent activity
This initiative marks the first agreement of its kind among different tech companies. Martin expects other similar companies to join and mentioned ongoing talks with major players, though he declined to name them.
According to Match’s VP of Trust and Safety Yoel Roth, these scam groups are typically based in Southeast Asia. They lure victims with romantic interest, convincing them to transfer cryptocurrencies, purchase goods, or "invest" in digital assets through fake platforms, only to disappear with the funds.
The reality is these scams have been around since the beginning of time,Coinbase’s Chief Security Officer Philip Martin.
Tech Against Scams will allow these companies to share information, educational materials, and resources to combat online dating fraud. Previously, each platform tracked scammers independently, but they quickly moved to other services and continued their fraudulent activity
This initiative marks the first agreement of its kind among different tech companies. Martin expects other similar companies to join and mentioned ongoing talks with major players, though he declined to name them.
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