U.S. Senator seeks safeguards disclosures from Apple, Google amid rise in fake crypto apps
US Senator Sherrod Brown (D-Ohio) Sent a letter On July 28, we asked Apple CEO Tim Cook and Google and Alphabet CEO Sundar Pichai for information on what companies are doing to protect users from fraudulent crypto apps.
The move was made by the Federal Bureau of Investigation (FBI) warning Against a fraudulent crypto app that caused a loss of about $ 42.7 billion on July 18.
Cybercriminals used crypto companies’ logos, names, and other information to create fake mobile apps to scam investors, Brown wrote in a letter. Therefore, Mr Brown added that it is important for crypto companies to take precautions to prevent fraud, such as warning investors about the increase in fraud. But it’s also important that the app store has the right safeguards to prevent fake apps, Brown wrote.
It’s all in the details
Brown asked both companies to submit details of the review process to approve crypto apps in their respective app stores by August 10.
The Senator also details the criteria companies use to approve listings on the app store and the steps taken to ensure that the app applying for listing is “trusted and safe.” I asked.
Brown, chairman of the Senate Committee on Banking, Housing and Urban Issues, also asked about the steps companies would take to prevent in-store crypto apps from turning into phishing apps.
In addition, Brown asked companies to provide information about how often they monitor apps in the app store to prevent fraud and what steps they have taken against apps that prove to be fraudulent.
The letter also asks Google and Apple to provide more information about the system for reporting malicious apps. In addition, Brown asks companies to list the steps taken to raise awareness about crypto app fraud.
Finally, Brown asked other app stores if they have coordinated or shared actions related to suspending or removing fake crypto apps since January 2020.
Brown is Hearing chair July 28, on how fraud and speculation in the crypto and securities markets threaten investors.
March, Brown Discuss The role of digital assets in cybercrime and illegal finance. In February, he chaired the next hearing. To see The risks posed by stablecoin.
