Meta has launched the Tech Against Scams initiative in collaboration with cryptocurrency companies.

The initiative targets the rise of online fraud, specifically romance and pig butchering scams.

These scams have become more prevalent due to the use of social media, dating platforms, and cryptocurrencies.

The initiative aims to share insights and best practices among major tech firms to identify and neutralize scam tactics.

It also seeks to educate users on recognizing and avoiding potential scams.

Supported by CoinDesk, the coalition focuses on protecting users from cybercriminals and promoting safer online interactions.

This effort responds to the FBI's 2023 report, which revealed over $12.5 billion in losses due to online fraud, with $3.94 billion attributed to crypto investment scams in the US.

By joining forces with industry leaders, Tech Against Scams aims to significantly impact the fight against online fraud and enhance consumer protection across various tech sectors.