Google, Microsoft, OpenAI, and other major technology firms signed the Online Services Accord Against Scams to combat online fraud.
The agreement aims to establish an industry-wide defense against sophisticated criminal networks operating across multiple online platforms, as first reported by Axios. Measures outlined in the accord include enhanced fraud detection tools, new user security features, and stricter verification for financial transactions, according to Axios.
The agreement also seeks to establish best practices for scam detection, prevention, and reporting, while facilitating information sharing among companies and law enforcement.
The signatory companies plan to urge governments to recognize scam prevention as a national priority, Axios reported. All measures stipulated in the accord are voluntary, as the agreement does not include provisions for penalties for non-compliance, Axios noted.
Several companies involved in the accord have previously implemented anti-scam initiatives on their platforms. Meta introduced new features earlier this month to alert Facebook, Messenger, and WhatsApp users about suspicious friend requests or accounts.
LinkedIn implemented new verification requirements last year for company recruiters and executives to address scams targeting job seekers.
