US Lawmaker Demands Answers From Apple and Google on Measures Against Fake Crypto Apps

A U.S. lawmaker has demanded solutions from Apple CEO Tim Cook and Google CEO Sundar Pichai about their measures towards faux cryptocurrency apps showing within the Apple App Store and the Google Play retailer. “Millions of Americans use cellular apps to put money into unregulated digital property,” stated Senator Sherrod Brown. “Reports have emerged of faux crypto apps which have scammed tons of of traders.”

U.S. Senator Questions Chief Executives of Apple and Google on Fake Crypto Apps

Senator Sherrod Brown (D-OH), chairman of the Senate Committee on Banking, Housing, and Urban Affairs, despatched a letter to Apple CEO Tim Cook and the CEO of Alphabet and Google, Sundar Pichai, concerning their measures towards faux cryptocurrency apps on their platforms.

He burdened that it’s “crucial that app shops have the right safeguards in place to stop towards fraudulent cellular software exercise.”

Senator Brown’s letters adopted a warning by the Federal Bureau of Investigation (FBI) towards faux cryptocurrency apps which have scammed tons of of traders for losses of more than $42 million.

The lawmaker advised the chief executives of Apple and Google, “Millions of Americans use cellular apps to put money into unregulated digital property, together with cryptocurrencies,” noting that “Crypto cellular apps can be found to the general public by means of app shops,” together with Apple’s App Store and the Google Play retailer.

He added:

While crypto apps have provided traders simple and handy methods to commerce cryptocurrency, experiences have emerged of faux crypto apps which have scammed tons of of traders.

Senator Brown concluded his letter to Apple and Google by asking 5 questions, requesting the executives to reply by Aug. 10.

The questions ask the executives to explain their app shops’ app evaluation course of, the factors used to find out whether or not to approve an app, the steps they take to stop crypto apps from circumventing app retailer insurance policies and turning into phishing apps, all of the methods and the processes put in place for folks to report fraudulent apps, and all actions their app shops have taken to alert folks about precise or doubtlessly fraudulent exercise related to cryptocurrency funding apps.

The lawmaker advised the CEOs that the aim of the questions is “To higher perceive the measures your organization is taking to stop fraudulent exercise in your app retailer.”

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