Brad Says Time to Dismantle Scammers as Ripple Joins New Coalition

Ripple CEO Brad Garlinghouse announces Ripple’s decision to join the Tech Against Scams coalition, emphasizing the need to unite tech firms to dismantle scammers.

Brad Garlinghouse, CEO of Ripple, has gone to X to reveal that Ripple is joining the Tech Against Scams coalition. Garlinghouse particularly emphasized the importance of collaboration among tech companies to protect consumers and dismantle fraudulent operations.

This coalition, involving major companies like Match Group, Coinbase, Meta, and Gemini, aims to combat online fraud and financial scams.

There’s one thing all of us in tech can agree on – it’s high time we dismantled the scammers once and for all. Proud that @Ripple is joining this coalition along with other industry heavyweights! https://t.co/UrF1bseUgQ

— Brad Garlinghouse (@bgarlinghouse) May 22, 2024

The companies are teaming up to address financial scams from inception to execution. Notably, the coalition spans various sectors, including social media, dating apps, financial institutions, and crypto platforms.

Further, the initiative focuses on sharing best practices, threat intelligence, and crucial information to shield users from scams like romance fraud and crypto schemes such as ‘pig butchering.’ The effort began last summer with an initial collaboration between Match Group, Coinbase, and Meta to understand cross-platform threats. It has since expanded to include additional companies for a broader impact.

Statements from Industry Leaders

According to the coalition’s press release, Meta’s Chief Information Security Officer, Guy Rosen, highlighted the necessity of collaboration. He said that scammers and organized criminal groups exploit multiple internet services, making it difficult for any single company to see the full scope of malicious activities. According to him, the coalition helps share insights and disrupt scam networks more effectively.

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Yoel Roth, VP of Trust & Safety at Match Group, emphasized cross-industry cooperation, stating that collaborating across different industries is essential to prevent criminal activities. Per Roth, it enables online platforms to stay ahead and develop robust solutions for various types of financial crimes.

Ripple’s Vigilance Against Scams

This initiative follows a previous warning from Ripple CTO David Schwartz in July last year about the surge in scams targeting XRP users. At the time, as interest in XRP grew following its legal victory, malicious actors created fraudulent websites to exploit the situation.   

Schwartz’s warnings clearly proved the urgency of such a coalition and mission to protect consumers and disrupt scam operations. 

Now, in 2024, the Tech Against Scams coalition is actively addressing these challenges, aiming to create a safer digital environment for all users. Reflecting on the new coalition announcement, one commenter, Madison Reed, expressed hope for future technologies that will eradicate corruption from the global financial system.