Meta teams up with crypto currency companies to fight online scams | #DatingScams | #LoveScams | #RomanceScans

Meta, in collaboration with major cryptocurrency companies, has announced a new online safety initiative aimed at combating the rising cases of online scams, including romance scams and financial fraud schemes known as pig butchering. The coalition, named Tech Against Scams, has joined the ongoing battle against cybercriminals who exploit social media and dating platforms to deceive unsuspecting victims.

According to Meta, the increasing use of social media, online dating platforms, and cryptocurrencies is also harbouring a space for online predators to use sophisticated tools to plan scams on an unprecedented scale. They try to connect with innocent users online and defraud them by tricking them, leveraging their emotional and financial vulnerabilities. These online scam cases have especially seen a rise in the last few years across the globe, specifically the cases of romance scam and pig butchering scam.

What is romance scam

For the unaware in romance scam, fraudsters create fake identities on social media sites like Tinder or Hinge and establish intimate relationships with unsuspecting victims, typically through online dating platforms or social media. These scammers often employ flattery, affectionate messages, and promises of love and companionship to gain the trust and affection of their targets. However, once they manage to bond with the victim, they manipulate their victims into providing money or valuable information under false pretences, exploiting their emotions for financial gain.

What is pig butchering scam

On the other hand, in the cases of pig butchering scam, scammers build trust with victims over time before tricking them into investing money in fake or non-existent opportunities. Originating from China, the term “pig butchering” refers to the gradual process of gaining someone’s trust, akin to slowly cutting up a pig. Scammers often use lucrative offers and false promises of high returns to lure victims into investing large sums of money. However, once the victim has handed over their funds, the scammers disappear, leaving them with significant financial losses.

Notably, these scams are on the rise and are impacting thousands of people around the globe. Recognizing the severity of the situation, Meta, the parent company of Facebook and WhatsApp, has teamed up with crypto companies such as Coinbase, Kraken, Ripple, and Gemini, and dating apps like Match Group, the company behind popular dating apps like Tinder, to form a united front against fraudulent activities.

“We hope that this coalition will serve as a force multiplier for security teams at tech companies to share threat insights and trends to enable more impactful disruptions of scam networks around the world,” said Guy Rosen, Meta’s Chief Information Security Officer in a statement.

How Tech Against Scams will work

Through Tech Against Scams, Meta and participating companies will collaborate closely to identify and neutralise the tools and tactics employed by scammers. This includes sharing valuable insights, best practices, and threat intelligence to stay ahead of evolving scam techniques. Additionally, they will educate the users about the risks associated with online interactions and financial transactions. By raising awareness and providing proactive measures, the initiative seeks to empower users to identify and avoid potential scams before they suffer any harm.

Published By:

Divya Bhati

Published On:

May 22, 2024

Source link


Click Here For The Original Source.

National Cyber Security