US Senators Question Facebook, Instagram, and Whatsapp CEO Mark Zuckerberg on Crypto Scam Policies

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Last Updated on September 11, 2022 by Bitfinsider

In a letter to Mark Zuckerberg, chairman and CEO of Meta, the U.S. Senators Robert Menendez, Sherrod Brown, Elizabeth Warren, Dianne Feinstein, Bernard Sanders, and Cory A. Booker discussed the efforts made by Meta to “combat cryptocurrency scams on its social media platforms, including Facebook, Instagram, and Whatsapp.”

The senators wrote: “We are concerned that Meta provides a breeding ground for cryptocurrency fraud that causes significant harm to consumers.” This is written with regards to the “recent reports of scams on other social media platforms and apps,” which included information from the Federal Trade Commission (FTC).

While cryptocurrency scams are widespread on social media, the letter notes that some of Meta’s sites are particularly well-liked hangouts for scammers. “Among consumers who reported being scammed out of cryptocurrency on a social media website, 32% identified the scam as having originated on Instagram, 26% on Facebook, and 9% on Whatsapp,” it stated.

The lawmakers questioned Zuckerberg on seven different topics regarding Meta’s existing bitcoin scam policy. They ask for a thorough response by October 24 from the CEO.

The concerns includes how Meta tracks down and gets rid of cryptocurrency scammers on each of its social media channels, informs and forewarns users about cryptocurrency fraud, and helps those who have fallen victim to fraudulent cryptocurrency schemes. The senators enquired as to how Meta ensures that cryptocurrency advertisements are legitimate and what permits are needed to advertise on its platforms. They also questioned how much Meta works with law enforcement to find crooks.

Authorities in the United States have issued warnings about the rising use of social media by con artists to mislead investors. The U.S. Securities and Exchange Commission (SEC) issued a warning to investors in August about scammers preying on their FOMO on social media.

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