US Senate Banking Committee asks Apple and Google for information

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2022-08-02 01:29:40

The Chairman of the US Senate Banking Committee sent a letter asking Apple and Google to provide a process to prevent fake crypto applications.

US Senate Banking Committee asks Apple and Google for information

Yesterday (July 28), Senator Sherrod Brown, chairman of the Senate Banking Committee, sent a letter to the CEOs of Google parent companies Alphabet and Apple asking for information on how to prevent fraud. scam crypto advertising app.

According to the letter, Mr. Brown asked about the process the tech giants are taking in approving cryptocurrency applications on Apple and Android devices. The senator also asked for an assessment of whether those apps are “reliable and secure.”

Mr. Brown expressed concern:

“Cybercriminals stole logos, company names and other information from crypto companies, then created fake mobile apps to deceive investors. While companies that provide crypto investment and other related services are considered to be advised to prevent fraudulent activities, including warning investors, it is also imperative to have safeguards in place. proper protection on the mobile app.”

Soon after, the senator’s committee held a hearing to review scams in the crypto industry.

Previously, the Federal Bureau of Investigation warned about fraudulent cryptocurrency applications on July 18. Scammers stole more than $42 million from 244 people between October 2021 and May 2022, which included an app impersonating a legitimate cryptocurrency exchange.

Also yesterday, the SEC chairman posted a video that reaffirmed his stance on cryptocurrencies and required crypto exchanges to register with the agency.

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