Cryptocurrency exchanges Coinbase, Kraken and Gemini, companies Ripple and Meta, and Match Group – the parent company of Tinder and Hinge – have formed the Tech Against Scams alliance to combat crypto fraud.

Tech Against Scams members will collaborate to take action against digital asset fraud. The companies intend to share experiences with various tools, analyze cybersecurity threats, and launch educational initiatives for users to protect them from scammers. The task force is also committed to working closely with law enforcement agencies around the world to share data when investigating crimes involving cryptocurrencies.

Ripple Vice President of Engineering Devraj Varadhan emphasized the importance of informing the public about fraudulent financial schemes involving foreign currencies and crypto assets. Attackers are becoming more convincing and crypto schemes are becoming more complex as scammers take every opportunity to deceive gullible investors. Therefore, the Tech Against Scams initiative should increase the vigilance of users and protect them from the risk of losing funds, Varadhan said.

Ripple CEO Brad Garlinghouse agreed that tech companies must join forces with crypto industry heavyweights to stop scammers. Every month, people and companies across industries lose hundreds of millions of dollars as criminals continually adapt and implement new technologies to steal assets.

Recall that last year Coinbase created the advocacy organization Stand With Crypto Alliance so that cryptocurrency supporters could take part in the development of legislation to regulate cryptocurrencies.