Yahoo Finance Match Group's (MTCH) Tinder & Jonathan Bennett to Combat Fraud
Match Group’s MTCH Tinder, in partnership with Mean Girls’ actor Jonathan Bennett, aims to raise awareness about online financial scammers and toxic behaviors, leveraging Bennett's insights on the subject.
Tinder is introducing a campaign that answers Bennett's iconic question, "What day is it today?" It designates Oct 3 as World Romance Scam Prevention Day. This special day is dedicated to raising awareness and promoting education about a widespread issue affecting people of all ages worldwide to remind them to never send money or invest with individuals they haven't personally met.
The FBI reports that the crypto scams, including Pig Butchering, have become the most significant financial scams in the United States, surpassing more than $3 billion in total losses. Moreover, although older adults still account for the majority of reported romance scams, there is a growing trend of younger adults filing such reports annually, according to investigators.
In conjunction with Tinder's campaign launch, Hinge is delivering in-app messages to its users, urging them to refrain from sending money or seeking investment advice from individuals they haven't personally met or do not know.
Shares of this Zacks Rank #3 (Hold) company have decreased 8.1% year to date against the Zacks Consumer Discretionary sector’s rise of 11.6% due to a decline in subscribers in each of the last three quarters.
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Match Group Inc. Price and Consensus
Match Group Inc. price-consensus-chart | Match Group Inc. Quote
Tinder’s Continuous Efforts to Combat Fraudsters to Aid RPP Growth
Tinder has been continuously fighting against fraudsters with new updates. These updates will ensure more security to its users and are expected to aid revenue per payer (RPP) growth in the coming quarters.
The Zacks Consensus Estimate for MTCH’s 2023 RPP is pegged at $17.64, indicating year-over-year growth of 9.46%. The Zacks Consensus Estimate for revenues is pegged at $3.4 billion, indicating year-over-year growth of 6.5%.
Tinder has proactively implemented measures to alert users regarding potential scams or fraudulent activities. These measures encompass the introduction of new product features, such as selfie verification and video chat, as well as the deployment of pop-up messages containing safety tips if certain language is detected during user conversations.
In the first quarter of 2023, Tinder has taken action to block more than five million spam and bot accounts. Match Group, the parent company of Tinder, reports that an average of 44 spam accounts are removed across its various platforms.
Tinder recently unveiled updates to its existing Community Guidelines. As part of these revisions, the company stated its intention to eliminate social media handles from public profiles that use them to promote or advertise social profiles with the aim of gaining followers, selling items, fundraising or campaigning.
Tinder faces stiff competition from other dating platforms like Prosiebensat.1 Media Se PBSFY, Spark Networks LOVLY and Bumble BMBL.
Prosiebensat.1 Media Se operates online dating platforms like eharmony, Parship, ElitePartner, and LOVOO. These platforms assist singles in Europe, North America and Australia in finding suitable partners. Additionally, PBSFY has video-based social entertainment apps like MeetMe, Skout, Tagged and GROWLr. This allows Prosiebensat.1 Media Se to provide a wide range of offerings to various target demographics, catering to those seeking friendships, flirtations or relationships.
Spark Networks owns various high-quality online dating platforms and mobile apps, including Jdate, Elite Singles and Zoosk. These apps specialize in faith-based dating websites that cater to selective users seeking meaningful relationships. Furthermore, LOVLY has a substantial presence in the dating market for individuals aged 45 and above, holding more than 30% of this particular demographic. Notably, this age group is experiencing the fastest growth rate among all demographics.
Bumble was initially established with the goal of challenging traditional dating norms. Today, BMBL provides users with the confidence to connect, whether it's for dating, networking, or making online friends. The app has played a pivotal role in making it not just acceptable but encouraged for women to take the initiative, disrupting outdated gender conventions.
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