Google, Microsoft, Meta, Amazon, OpenAI, Adobe, LinkedIn, and Match Group have signed a joint pledge to share threat intelligence and coordinate their defenses against online scams. The agreement, called the Industry Accord Against Online Scams and Fraud, was announced on Monday ahead of the first UN Global Fraud Summit in Vienna.
The accord commits each company to adding fraud detection tools across their platforms, introducing new user security features, requiring more robust verification for financial transactions, and sharing information about how scammers are exploiting their services. The signatories also pledged to establish shared best practices for scam detection, prevention, and reporting.
A $16.6 Billion Problem That Keeps Getting Worse
The joint effort comes as losses from online fraud continue to accelerate. The FBI’s 2024 Internet Crime Report recorded $16.6 billion in reported losses from cyber-enabled fraud, a 33 percent increase from the prior year. The bureau received more than 859,000 complaints, with investment fraud and cryptocurrency scams accounting for the largest share of financial damage at over $6.5 billion. Business email compromise schemes, which often target small and mid-size companies, have held steady at roughly $2.8 billion in annual losses over the past three years.
The problem is compounding as artificial intelligence gives scammers new capabilities. AI-generated deepfakes, synthetic voices, and automated phishing messages are making fraudulent communications harder to distinguish from legitimate ones. For startups already stretched thin on cybersecurity budgets, the rising sophistication of these attacks represents a growing operational risk.
What the Accord Actually Requires
The accord establishes several concrete commitments. Signatories agreed to share threat intelligence across companies rather than limiting investigations to individual cases. They will exchange information about defensive measures that are working, coordinate responses as threat actors evolve their tactics, and build faster communication channels between partner organizations. The companies also called on governments worldwide to “declare scam prevention a national priority.”
The agreement is voluntary, with no penalties for companies that fail to follow through. Its effectiveness will depend on whether participants actually share sensitive data about how scammers operate on their platforms, something tech companies have historically been reluctant to do.
Some signatories have already begun rolling out related features independently. Meta announced new tools across Facebook, Messenger, and WhatsApp that alert users about suspicious friend requests and accounts. LinkedIn has implemented identity verification requirements for recruiters and executives to combat the job-seeker scams that have proliferated on its platform.
The UN Summit and White House Pressure
The accord’s release was timed to coincide with the UN Global Fraud Summit, a two-day event organized by UNODC and INTERPOL in Vienna on March 16 and 17. The summit brings together senior government officials, law enforcement agencies, private sector representatives, and civil society organizations to address fraud as a transnational threat. Meta and Santander Bank are among the summit’s funders.
The industry pledge also follows a White House executive order signed on March 6 that directed federal agencies to prioritize cracking down on transnational cybercrime. The order instructed the Attorney General to prioritize prosecutions of cyber-enabled fraud and proposed establishing a Victims Restoration Program to reimburse victims using seized funds. It also called for the creation of a dedicated operational cell within the National Coordination Center to disrupt the operations of criminal organizations running scam centers.
What This Means for the Broader Business Ecosystem
For businesses that depend on these platforms for advertising, commerce, and hiring, the accord signals that the companies controlling the largest digital marketplaces are acknowledging the scale of the fraud problem on their services. The question is whether a voluntary pledge translates into the kind of systemic changes that would make platforms meaningfully safer for the businesses and consumers using them.
The companies involved collectively operate the platforms where the majority of online commercial activity takes place. Google recently completed its $32 billion acquisition of cybersecurity firm Wiz, signaling its own intensifying focus on security infrastructure. Whether the accord produces coordinated action or remains a statement of intent will likely become clearer as the UN summit concludes and the White House’s enforcement timeline takes shape.
