Major tech firms pledge to fight online fraud
Rising losses to online scams, exceeding $16 billion in 2024, have driven tech companies to enhance safety features and push for tougher regulations.
Eight major technology companies, including Google, Amazon, and OpenAI, have signed the ‘Online Services Accord Against Scams’ to share threat intelligence and strengthen defences against online fraud.
The voluntary pact aims to help companies work together and coordinate with governments, law enforcement, and NGOs.
The accord commits to sharing intelligence on criminal networks, using AI to detect fraud, and strengthening verification for financial transactions. Participating companies will also provide clearer reporting channels for users and encourage governments to prioritise scam prevention.
Executives emphasised that tackling scams requires collective effort. Meta’s Nathaniel Gleicher said the accord enables companies to share insights beyond individual cases, while Microsoft’s Steven Masada highlighted the need for faster collaboration to disrupt scams and track perpetrators globally.
The move comes as online scams grow in scale and sophistication, aided by AI-generated content and cross-platform operations. Consumers lost over $16 billion to online scams in 2024, prompting firms to boost safety features and push for stronger regulations and law enforcement.
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