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