In a significant move against increasingly sophisticated digital fraud, eleven major technology, retail, and payments firms—including Google, Meta, and Amazon—have signed a new pact to share threat intelligence across their platforms. The agreement, first reported by Axios, establishes the Industry Accord Against Online Scams & Fraud.

The collaborative effort aims to dismantle scams that weave across social media, messaging apps, email, and marketplaces. A typical scheme might start with a fake advertisement on one platform, shift to private messaging on another, and finally direct victims to a fraudulent payment portal on a third. Under the accord, participants will exchange real-time data on malicious accounts and domains while coordinating enforcement actions, hoping to stop scams before they gain momentum.

This initiative arrives as generative AI tools have supercharged criminal operations, making convincing phishing messages, voice clones, and deepfake videos more accessible. In response, defenders are also leaning on advanced technology. Google reports it now blocks hundreds of millions of scam-related search results daily using AI, while Meta removed over 159 million scam ads last year and is enhancing its detection systems.

While voluntary and not legally binding, the pact signals a shift in industry posture amid growing regulatory scrutiny. The companies will now develop the practical frameworks for intelligence sharing, with the real-world effectiveness of this unprecedented cooperation yet to be measured.

Source: CNET