A US lawmaker has demanded answers from Apple CEO Tim Cook and Google CEO Sundar Pichai over their actions against fake cryptocurrency apps appearing in the Apple App Store and Google Play Store . “Millions of Americans use mobile apps to invest in unregulated digital assets,” said Sen. Sherrod Brown. “Reports have emerged of fake crypto apps that have defrauded hundreds of investors.”
US Senator Asks Apple and Google CEOs About Fake Crypto Apps
Sen. Sherrod Brown (D-OH), chairman of the Senate Banking, Housing and Urban Affairs Committee, sent a letter to Apple CEO Tim Cook and Alphabet and Google CEO Sundar Pichai, regarding their measures against fake cryptocurrency apps on their platforms.
He stressed that it is “imperative that app stores have the appropriate protections in place to guard against fraudulent mobile app activity.”
Senator Brown’s letters followed a warning from the Federal Bureau of Investigation (FBI) against bogus cryptocurrency apps that scammed hundreds of investors for cash losses. over $42 million.
The lawmaker told the chief executives of Apple and Google, “Millions of Americans use mobile apps to invest in unregulated digital assets, including cryptocurrencies,” noting that “crypto mobile apps are accessible to the public via app stores”, including the Apple App Store and the Google Play store.
While crypto apps have offered investors easy and convenient ways to trade cryptocurrency, there have been reports of fake crypto apps that have defrauded hundreds of investors.
Senator Brown concluded his letter to Apple and Google by posing five questions, asking executives to respond by Aug. 10.
The questions ask executives to describe the process for reviewing apps from their app stores, the criteria used to determine whether to approve an app, the steps they take to prevent encryption apps from circumventing app store policies and turning into phishing apps, any systems and processes in place for people to report fraudulent apps, and any actions their app stores have taken to alert people about real or potentially fraudulent activities associated with cryptocurrency investment apps.
The lawmaker told CEOs the purpose of the questions was to “better understand what steps your company is taking to prevent fraudulent activity in your app store.”
What do you think of Senator Sherrod Brown asking the CEOs of Google and Apple about fake crypto apps? Let us know in the comments section below.
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