Exclusive: Tech, retail companies band together to fight global scams

Driving the news: The companies signed the new "Industry Accord Against Online Scams & Fraud," ahead of the UN Global Fraud Summit in Austria.

• The agreement aims to "set expectations for how signatories will work across online services to counter scammers" and also "seeks to drive a united industry response alongside governments, law enforcement, NGOs, and others working to combat fraud and scams," according to a draft of the accord shared with Axios.
• Google, Microsoft, LinkedIn, Meta, Amazon, OpenAI, Adobe, Pinterest, Target, Levi's Strauss & Co., and Match Group, the owner of Tinder and Hinge, each signed the accord.

What they're saying: "We can't solve this alone," Karen Courington, vice president of consumer trust experiences for Google's trust and safety team, told Axios. "We need others across the industry to unite in the effort to tackle scams more collectively."

Under the accord, companies say they will:

• Increase information sharing with industry peers and law enforcement about transnational criminal networks and share best practices for detecting and preventing scams through international forums, like the Global Anti-Scam Alliance and the Tech Against Scams Coalition.
• Deploy new defensive tools — including AI systems — to detect fraud faster and introduce new security features for users.
• Require stronger verification for financial transactions occurring on their platforms to ensure both parties are legitimate.
• Provide clear reporting channels for users who encounter scams and call on governments to formally "declare scam prevention a national priority."

Yes, but: The accord is voluntary, and there are no penalties if companies fail to follow through.

Between the lines: Companies were already trading details during one-off investigations into scammers, Nathaniel Gleicher, Meta's director and global head of security policy and counter-fraud, told Axios.

• The accord now provides them with a venue to trade information beyond individual cases — including which defensive measures work and how threat actors are adapting, he added.
• The partnership also allows for faster communications between partners, Steven Masada, assistant general counsel of Microsoft's Digital Crimes Unit, told Axios.

• Masada anticipates more disruptions "designed to be more effective in taking down infrastructure and identifying threat actors that are preying on customers worldwide."

The big picture: Losses to scams have skyrocketed in recent years — and AI makes it easier for scammers to create more believable online personas and messages that entice victims.

• In 2024, consumers lost more than $16 billion to scammers and cybercriminals, according to the FBI.
• The Trump administration has stepped up efforts to crack down on international scam rings, including issuing a new executive order earlier this month directing key agencies to make it a priority.

The intrigue: Scammers rarely operate on just one platform, often carrying out the same operation across multiple online profiles, Scott Knapp, vice president of worldwide buyer risk prevention at Amazon, told Axios in a statement.

• Think social media platforms where scammers message victims and dating apps where they match with unsuspecting targets.

What to watch: Expect more user safety features aimed at stopping scams — and increased lobbying for stronger regulations and law enforcement crackdowns on global scam syndicates.

• In the last week, Meta and OpenAI have both announced new efforts to combat scams, including safety features and partnerships.

Go deeper: Four common text scams and how to spot them