US lawmaker urges Apple and Google to provide information on fake crypto apps

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2022-08-02 08:01:43

The call comes in the context of Apple and Google just released financial results that are not very promising.

Sen. Sherrod Brown, chairman of the Senate Banking Committee, wrote to the CEOs of Google’s parent companies Alphabet and Apple urging tech companies to provide information on how they block certain apps. Cryptocurrency scam ads. “Individuals in this industry are not allowed to write down the rules they want to make,” he declared, in the latest move in calls for US lawmakers and regulators to debunk. solve cryptocurrency scams

Information about the event that Senator Sherrod Brown spoke out in defense of crypto market investors

According to the letters published on Thursday, Brown questioned Apple CEO Tim Cook and Alphabet CEO Sundar Pichai about the activities the two tech giants are undertaking in approving Cryptocurrency apps on Apple and Android devices. The senator asked for information regarding how companies assess whether an app is “reliable and secure” to prevent possible scams through fraudulent apps. and report those apps to the user.

“Cybercrimins stole logos, company names, and other identifying information from crypto companies, then created fake mobile apps to trick unsuspecting investors,” Brown said. suspect that they are conducting business with a legitimate cryptocurrency company. “While companies that provide crypto investment and other related services should take necessary steps to prevent fraudulent activity, including warning investors of the proliferation of scams, fraud, it is also imperative that app stores have appropriate safeguards in place to prevent fraudulent mobile app activity. “

Brown’s letters come after the Federal Bureau of Investigation issued a public warning about fraudulent cryptocurrency applications on July 18. The agency reported that fraudsters stole over $42 million from 244 people between October 2021 and May 2022, including a case where an app used the name of a formerly legitimate crypto exchange.

Speaking at Thursday’s hearing with the Senate Banking Committee on “Scams and Risks in the Cryptocurrency and Securities Markets,” Brown appeared to put a number of issues down addressing the money scams. electronic platforms and applications for legislators and regulators:

“We hear industry insiders calling for rules to be in place when a major fraud is uncovered. The rules are in place, the roadmap is clear and [Ủy ban Ngân hàng Thượng viện] need to make sure our regulators enforce the law and protect the workers and families who keep this economy running […] The industry is not allowed to write the rules of their own accord.”

Gerri Walsh, president of the Financial Industry Regulatory Authority’s Investor Education Foundation, said in writing at the hearing that some of the $57 million in fines the financial regulator had paid for calculated for the Robinhood trading app in June 2021 to be used to educate crypto investors. Audiences include people who use online accounts or mobile apps. Walsh also pointed out that scammers use messaging and dating apps to convince victims to send money or invest in fraudulent crypto platforms and spread misinformation on social media. Social media is a major factor in spreading such scams when answering questions on Instagram posts.

The Federal Trade Commission reported in June that about 46,000 people in the United States have lost up to $1 billion in cryptocurrency to scams by 2021. The commission said at the time that about half of all scams were. Crypto-related islands originate from social media platforms through advertisements, posts, and messages.

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