US lawmaker request that Apple and Google provide information on fraudulent cryptocurrency apps

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Last Updated on July 29, 2022 by Bitfinsider

Senator Sherrod Brown, chairman of the Senate Banking Committee, has written letters to the CEOs of Google’s parent company Alphabet and Apple, requesting information on how the tech companies prevent certain apps from promoting cryptocurrency scams.

According to the letters, Brown asked Apple CEO Tim Cook and Alphabet CEO Sundar Pichai what steps the tech titans were taking to approve crypto apps on Apple and Android devices. The senator inquired about how the companies determined whether apps were “trusted and secure,” how they prevented possible phishing apps through fraudulent apps, and how they reported such apps to users.

“Cyber criminals have stolen company logos, names, and other identifying information from crypto firms and then created fake mobile apps to mislead unsuspecting investors into thinking they are doing business with a legitimate crypto firm,” Brown explained. “While firms that offer crypto investment and other related services should take the necessary steps to prevent fraudulent activity, including warning investors about an increase in scams, app stores must also have the proper safeguards in place to prevent fraudulent mobile application activity.”

Brown’s letters came after the Federal Bureau of Investigation issued a public warning on July 18 about fraudulent cryptocurrency apps. Between October 2021 and May 2022, scammers stole more than $42 million from 244 people, according to the bureau, including one case in which an app used the name of a former legitimate crypto exchange.

Brown appeared to place some of the burden of addressing crypto scams on platforms and apps on lawmakers and regulators rather than companies during a Senate Banking Committee hearing on “Understanding Scams and Risks in Crypto and Securities Markets” on Thursday.

In June, the Federal Trade Commission reported that approximately 46,000 people in the United States had lost up to $1 billion in cryptocurrency to scams in 2021. According to the commision, roughly half of all crypto-related scams originated on social media platforms via ads, posts, and messages.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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