Fake Crypto Apps Protection: US Senator Asks Apple and Google For Info

US Senator Sherrod Brown, chair of the Senate Banking Committee, has asked Apple Inc. and Google to provide information on how they review fraudulent cryptocurrency apps and prevent potential scams. US Senator Wrote to Apple and Google for Information The U.S. Senator wrote letters to the CEOs of Google and Apple, asking them to provide information on how they prevent fraudulent apps from advertising crypto scams. The move comes on the heels of a warning issued by the Federal Bureau of Investigation (FBI) on July 18 regarding fake cryptocurrency apps, known to have caused losses totaling $42.7 billion. Brown asked both the companies to send the details by August 10. The senator also asked for information about the criteria used by the companies to approve for listing on the app store and the steps taken to ensure the apps applying for listing are “trusted and secure.” “While firms that offer crypto investment and other related services should take the necessary steps to prevent fraudulent activity, including warning investors about the uptick in scams, it is likewise imperative that app stores have the proper safeguards in place to prevent against fraudulent mobile application activity,” said Brown. In the past, Apple has been slammed by accusations of enabling crypto fraud on its App Store. In the year 2021, an individual alleged that the company had allowed a fraudulent app that stole more than $600,000 worth of Bitcoin from...