An American lawmaker requested answers from Google CEO Sundar Pichai and Apple CEO Tim Cook about the measures they have taken to stop fake crypto apps being found in the Google Play and Apple App Store. “Millions of Americans use mobile apps to invest in unregulated digital assets,” said Senator Sherrod Brown. “Reports have emerged of fake crypto apps that have scammed hundreds of investors.”
U.S. U.S. Senator questions Google and Apple Chief Executives on Fake Crypto Apps
Chairman of the Senate Committee on Banking, Housing and Urban Affairs, Senator Sherrod brown (D-OH), wrote to Tim Cook, Apple CEO, and Sundar Piichai, Google CEO, concerning their anti-fake cryptocurrency apps on the platforms.
He stressed that it is “imperative that app stores have the proper safeguards in place to prevent against fraudulent mobile application activity.”
Senator Brown’s letters followed a warning by the Federal Bureau of Investigation (FBI) against fake cryptocurrency apps that have scammed hundreds of investors for losses of more than $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 available to the public through app stores,” including Apple’s App Store and the Google Play store.
He also added:
Although crypto apps offer investors an easy way to trade crypto, there have been reports of scammers using these apps.
Senator Brown ended his letter to Apple & Google with five questions. He asked the executives to reply by August 10.
The questions ask the executives to describe their app stores’ app review process, the criteria used to determine whether to approve an app, the steps they take to prevent crypto apps from circumventing app store policies and turning into phishing apps, all the systems and the processes put in place for people to report fraudulent apps, and all actions their app stores have taken to alert people about actual or potentially fraudulent activity associated with cryptocurrency investment apps.
The lawmaker told the CEOs that the purpose of the questions is “To better understand the measures your company is taking to prevent fraudulent activity in your app store.”
How do you feel about Senator Sherrod brown questioning Google CEOs and Apple CEOs on fake crypto-apps? We’d love to hear from you in the comment section.
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