Information Technology
MICROSOFT AND META JOIN THE GLOBAL SIGNAL EXCHANGE AND THE COLLECTIVE GLOBAL FIGHTBACK AGAINST ONLINE SCAMS, FRAUD AND ABUSE
Microsoft and Meta are the latest of a number of global brands to join the Global Signal Exchange – and this comes at a time when online scams are having a devastating impact on people's lives, and are causing real-world harm to users: According to GASA's 2024 Global State of Scams Report, the current annual cost of scams exceeds $1.03 trillion USD globally, and rising. This cost is equivalent to the UK's annual government spending and is three times more than the estimated cost of ending world hunger by 2030. Further, according to the World Economic Forum, worldwide only 0.05% of all cybercrimes are prosecuted.
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GSE is open to anyone with a legitimate interest in, or ability to act against, online scams. Accredited partners will not only gain access to the latest fraud intelligence but also receive a customised dashboard that spotlights data most relevant to their organisation. Those with access to their own abuse feed will be encouraged to contribute to the collective effort by sharing it with the exchange. The system will also incorporate a feedback loop that rewards swift reporting, threat mitigation, and quality control.
Microsoft (Nasdaq "MSFT" @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.
Meta is building the future of human connection, powered by artificial intelligence and immersive technologies. When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram, and WhatsApp further empowered billions around the world. Now, Meta is moving beyond 2D screens toward experiences that foster deeper connections and unlock new possibilities.
The Global Signal Exchange is a UK not-for-profit founded by OXIL, Google and GASA.
View original content:https://www.prnewswire.co.uk/news-releases/microsoft-and-meta-join-the-global-signal-exchange-and-the-collective-global-fightback-against-online-scams-fraud-and-abuse-302517840.html