The chairman of the US Senate Banking Commission sent a letter asking Apple and Google to deliver a system to protect against fake crypto applications.
Yesterday (July 28), Senator Sherrod Brown, chair of the Senate Banking Committee, sent a letter to the CEOs of Google’s mother or father providers, Alphabet and Apple, asking for info on how to protect against crypto marketing app fraud.
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https://t.co/PUuKG6VvT9– Senate of Banking and Housing Democrats (@SenateBanking) July 28, 2022
According to the letter, Mr. Brown asked about the system the tech giants are taking to approve cryptocurrency applications on Apple and Android gadgets. The senator also asked for an evaluation of no matter whether this kind of apps are “reliable and secure”.
Mr. Brown expressed concern:
“Cybercriminals stole logos, business names and other info from cryptocurrency providers, then designed fake mobile apps to fool traders. While it is believed that providers delivering investments in cryptocurrencies and other connected companies are urged to protect against fraudulent exercise, like warning to traders, it is also important to have safeguards and ample safety on the mobile app.
Soon right after, the senator’s committee held a hearing to search into scams in the cryptocurrency marketplace.
Previously, the Federal Bureau of Investigation had warned of fraudulent cryptocurrency applications on July 18. The scammers stole additional than $ 42 million from 244 individuals amongst October 2021 and May 2022, like an app impersonating a legit cryptocurrency exchange.
Also yesterday, the SEC chairman launched a video reaffirming his stance on cryptocurrencies and requiring cryptocurrency exchanges to register with the company.
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