2 years ago
U.S. Senator Sherrod Brown (D-Ohio) sent letters to Tim Cook, CEO of Apple, and Sundar Pichai, CEO of Google and Alphabet connected July 28, asking for accusation astir what the companies are doing to support users from fraudulent cryptocurrency apps.
The determination comes aft the Federal Bureau of Investigation (FBI) issued a warning connected July 18 against fraudulent crypto apps, which person caused losses of astir $42.7 billion.
Cybercriminals person utilized logos, names, and different accusation of crypto companies to make fake mobile apps to scam investors, Brown wrote successful the letter. Therefore, it is important that crypto firms instrumentality precautions to forestall fraud, including informing investors regarding the emergence successful scams, Brown added. But it is besides important that app stores person due safeguards to forestall fake apps, Brown wrote.
It’s each successful the details
Brown asked some companies to nonstop details of their reappraisal process for approving crypto apps for their respective app stores by Aug. 10.
The legislator besides asked for details astir the criteria utilized by the companies to assistance support for listing connected the app store and the steps taken to guarantee the apps applying for listing are “trusted and secure.”
Brown, who is Chairman of the Senate Committee connected Banking, Housing, and Urban Affairs, besides asked for steps the companies instrumentality to forestall crypto apps successful their store from turning into phishing apps.
Additionally, Brown asked the companies to taxable accusation connected however often they show apps successful their app store to forestall fraud and the steps taken against apps recovered to beryllium fraudulent.
The missive besides asks Google and Apple to supply details astir their systems for the nationalist to study fraudulent apps. Furthermore, Brown asks the companies to database the steps taken to summation consciousness astir crypto app frauds.
Lastly, Brown asked whether the companies person coordinated oregon shared immoderate actions related to the suspension oregon removal of fake crypto apps with different app stores since January 2020.
Brown is scheduled to chair a hearing connected July 28 connected however increasing fraud and speculation successful the crypto and securities markets endanger investors.
In March, Brown held a proceeding to discuss the relation of integer assets successful cybercrime and illicit finance. In February, helium chaired a proceeding to examine the risks posed by stablecoins.
The station US Senator Brown seeks safeguards disclosures from Apple, Google amid emergence successful fake crypto apps appeared archetypal connected CryptoSlate.
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