2 years ago
Six U.S. senators person demanded answers from Meta CEO Mark Zuckerberg astir however his institution is handling cryptocurrency scams connected its societal media platforms, including Facebook, Instagram, and Whatsapp. “We are acrophobic that Meta provides a breeding crushed for cryptocurrency fraud that causes important harm to consumers,” the lawmakers wrote.
Senators Want Answers From Mark Zuckerberg and Meta Platforms
U.S. Senators Robert Menendez, Sherrod Brown, Elizabeth Warren, Dianne Feinstein, Bernard Sanders, and Cory A. Booker jointly sent a missive connected Thursday to Mark Zuckerberg, president and CEO of Meta, astir his company’s “efforts to combat cryptocurrency scams connected its societal media platforms, including Facebook, Instagram, and Whatsapp.”
Citing “recent reports of scams connected different societal media platforms and apps,” including information from the Federal Trade Commission (FTC), the senators wrote:
We are acrophobic that Meta provides a breeding crushed for cryptocurrency fraud that causes important harm to consumers.
“While crypto scams are prevalent crossed societal media, respective of Meta’s sites are peculiarly fashionable hunting grounds for scammers,” the missive describes. “Among consumers who reported being scammed retired of cryptocurrency connected a societal media website, 32% identified the scam arsenic having originated connected Instagram, 26% connected Facebook, and 9% connected Whatsapp.”
The lawmakers asked Zuckerberg 7 questions concerning Meta’s existent policies pertaining to cryptocurrency scams. They petition that the Meta CEO responds with elaborate accusation by Oct. 24.
For each of Meta’s societal media platforms, the questions see however the institution finds and removes crypto scammers, educates and warns users astir crypto scams, and assists victims of fraudulent crypto schemes. The senators besides asked however Meta verifies that crypto ads are not scams and what regulatory licenses are required to advertise connected its platforms. Moreover, they asked to what grade Meta collaborates with instrumentality enforcement to way down scammers.
U.S. authorities person been informing that scammers are progressively utilizing societal media to defraud investors. In August, the U.S. Securities and Exchange Commission (SEC) warned investors of fraudsters exploiting their fearfulness of missing retired (FOMO) connected societal media.
Have you travel crossed immoderate scams connected Meta’s platforms, including Facebook, Instagram, and Whatsapp? Let america cognize successful the comments conception below.
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