Apple and Google Face U.S. Lawmakers’ Scrutiny of Crypto Scam Apps

Apple and Google Face U.S. Lawmakers’ Scrutiny of Crypto Scam Apps


US lawmakers have asked apple inc AAPL and alphabet inc WELL Google to provide information on how they review rogue cryptocurrency apps and prevent potential scams.

What happened: Sen. Sherrod Brown (D-OH), chairman of the Senate Committee on Banking, Housing and Urban Affairs, sent letters Thursday demanding answers from Apple’s CEO Tim cook and Alphabet boss Sundar Pichai.

“Cyber ​​criminals stole company logos, names, and other identifying information from crypto firms, then created fake mobile apps to trick unsuspecting investors into believing they were doing business with a legitimate crypto firm,” he wrote.

“Frighteningly, far too many investors have fallen victim to such scams, with losses in excess of $42 million.”

See also: Warning: This malware steals your crypto via “Free Bitcoin Mining” links on YouTube

Brown was referring to a recent report by the Federal Office of Investigations (FBI), which revealed that 244 investors were victims of $42.7 million worth of scams by rogue cryptocurrency apps.

Lawmakers said it’s imperative that app stores have adequate safeguards in place to warn investors of potential fraudulent activity. Brown asked Apple and Google to describe the review process they perform before approving an app on their platforms, actions they take to warn people about scams, and processes they have in place to report fake apps.

The tech giants have been asked to respond to the senator’s requests by August 10.

Price promotion: The cryptocurrency market is up 4.59% in 24 hours to $1.09 trillion. According to data from Gasoline Proat the time of going to press, Bitcoin BTC/USD was traded at $23,879, up 5% over the 24-hour period, during ether ETH/USD rose 6.58% to $1,719.

Continue reading: Vitalik Buterin shares ‘important lesson’ to save himself from crypto Ponzi schemes


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