US Lawmaker Demands Answers From Apple and Google for Listing Fake Crypto Apps in App Stores
Crypto News

US Lawmaker Demands Answers From Apple and Google on Measures Against Fake Crypto Apps – Featured EdaFace News

A U.S. lawmaker has demanded answers from Apple CEO Tim Cook and Google CEO Sundar Pichai about their measures against fake cryptocurrency apps appearing in the Apple App Store and the Google Play store. “Millions of Americans use mobile apps to invest in unregulated digital assets,” said Senator Sherrod Brown. “Reports have emerged of fake crypto apps that have scammed hundreds of investors.”

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, sent a letter to Apple CEO Tim Cook and the CEO of Alphabet and Google, Sundar Pichai, regarding their measures against fake cryptocurrency apps on their platforms.

He stressed that it is “imperative that app stores have the proper safeguards in place to prevent against fraudulent mobile application activity.”

Senator Brown’s letters followed a warning by the Federal Bureau of Investigation (FBI) against fake cryptocurrency apps that have scammed hundreds of investors for losses of more than $42 million.

The lawmaker told the chief executives of Apple and Google, “Millions of Americans use mobile apps to invest in unregulated digital assets, including cryptocurrencies,” noting that “Crypto mobile apps are available to the public through app stores,” including Apple’s App Store and the Google Play store.

He added:

While crypto apps have offered investors easy and convenient ways to trade cryptocurrency, reports have emerged of fake crypto apps that have scammed hundreds of investors.

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

The questions ask the executives to describe their app stores’ app review process, the criteria used to determine whether to approve an app, the steps they take to prevent crypto apps from circumventing app store policies and turning into phishing apps, all the systems and the processes put in place for people to report fraudulent apps, and all actions their app stores have taken to alert people about actual or potentially fraudulent activity associated with cryptocurrency investment apps.

The lawmaker told the CEOs that the purpose of the questions is “To better understand the measures your company is taking to prevent fraudulent activity in your app store.”

Tags in this story
apple crypto, apple crypto apps, google crypto, google crypto apps, Sherrod Brown, Sherrod Brown apple, Sherrod Brown crypto, Sherrod Brown crypto apps, Sherrod Brown crypto regulation, Sherrod Brown cryptocurrency, Sherrod Brown google

What do you think about Senator Sherrod Brown questioning the CEOs of Google and Apple on fake crypto apps? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found EdaFace in 2011 and has been an evangelist ever since. His interests lie in EdaFace security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. EdaFace.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Related posts

Ethereum Blob Inscriptions Exceed 40%, Triggering Unprecedented ‘Blob Contention’

Gerald Hoffman

BTC Below $19,000 as Sentiment in Crypto Remains Bearish – Market Updates EdaFace News

Gerald Hoffman

FTX Co-Founder Indicted by Federal Grand Jury in Manhattan, Bahamian Magistrate Denies SBF’s Bail – EdaFace News

Gerald Hoffman

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More