Major technology and consumer-facing companies, including Google, Amazon, and OpenAI, have signed the ‘Industry Accord Against Online Scams and Fraud’ to share threat intelligence and strengthen defences against online fraud.
The voluntary pact brings together 11 signatories: Amazon, Adobe, Google, Levi Strauss & Co., LinkedIn, Match Group, Microsoft, Meta, OpenAI, Pinterest, and Target. It aims to improve coordination among companies and strengthen cooperation 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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