Eleven major tech and retail companies have signed a new agreement to share information about online scams and fraud. The participating companies include Google, Amazon, OpenAI, Adobe, Pinterest, LinkedIn, Match Group, Meta, Microsoft, Target and Levi Strauss & Co.
The Industry Accord Against Online Scams & Fraud addresses how modern scams operate across multiple platforms. Scammers now find victims on social media, move conversations to messaging apps, then push for payments through fake websites.
Companies will exchange information about scam networks, use AI to detect scams faster, add stronger verification for financial transactions, and improve user reporting tools. They aim to block scam accounts, fake domains and fraud patterns before spreading across platforms.
The agreement comes as AI makes scams more sophisticated. Scammers now write convincing phishing emails, clone voices to impersonate loved ones, and create deepfake videos of executives. However, the accord is voluntary with no penalties for non-compliance.