Fun

US Lawmaker Demands Answers From Apple and Google on Measures Against Fake Crypto Apps

News Feed - 2022-07-30 09:07:04

US Lawmaker Demands Answers From Apple and Google on Measures Against Fake Crypto Apps


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 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. Study Findings: Crypto Investors More Attractive and Smarter, NFT Profiles Unattractive FEATURED | 3 days ago FBI Warns Crypto Owners Not to Fall for "Liquidity Mining Scam" FEATURED | 4 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleWhy Is Alchemy Pay (ACH) On The Rise? Next articleSEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms 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. Bitcoin.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. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Iran to Increase Penalties for Unauthorized Cryptocurrency Mining

News Feed

Microstrategy Buys 6,455 More Bitcoin — Now Holds 138,955 BTC
Microstrategy Buys 6,455 More Bitcoin — Now Holds 138,955 BTC Microstrategy has purchased 6,455 bitcoins for approximately $150 million at an average price of $23,238 per coin. W
Bitcoin, Ethereum Technical Analysis: BTC Hits $48,000 as ETH Nears January High of $3,500 
Bitcoin, Ethereum Technical Analysis: BTC Hits $48,000 as ETH Nears January High of $3,500  Bitcoin briefly hit a high above $48,000 on Tuesday, as prices of the world’s la
Biggest Movers: Cardano Moves to 6-Week High, Climbing by Over 6% on Friday
Biggest Movers: Cardano Moves to 6-Week High, Climbing by Over 6% on Friday Cardano moved to a six-week high on Friday, as consumer sentiment in the United States fell by more tha
Australia’s peak crypto lobby group drops ‘blockchain’ from name
Jesse Coghlan5 hours agoAustralia’s peak crypto lobby group drops ‘blockchain’ from nameBlockchain Australia is now the Digital Economic Council of Australia (DECA) with a membership category for banks, most of whi
Derek Andersen4 hours agoKC Fed tracks healthy growth of crypto ATM industry despite predatory operatorsThe crypto ATM industry gets little attention relative to its size and issues. It appeals to users with motivations
3 Bills Introduced in US to Make CFTC Primary Regulator of Crypto Spot Markets
3 Bills Introduced in US to Make CFTC Primary Regulator of Crypto Spot Markets Three different bills have been introduced in the U.S. this year to empower the Commodity Futures Tra
Former Fed Chair Alan Greenspan: Crypto Is Too Dependent on ‘Greater Fool Theory’ to Be a Desirable Investment
Former Fed Chair Alan Greenspan: Crypto Is Too Dependent on "Greater Fool Theory" to Be a Desirable Investment Former Federal Reserve Chairman Alan Greenspan says crypto is “
Tom Blackstone33 minutes agoMultichain MPC bridge sees $100M+ outflows, sparking fears of exploitSome Multichain contracts on Ethereum suffered withdrawals of more than half of their deposits, causing on-chain sleuths to
Damex Releases in-App Utility Token Damex Token, Enables Users to Earn Rewards for Staking Tokens
Damex Releases in-App Utility Token Damex Token, Enables Users to Earn Rewards for Staking Tokens press release PRESS RELEASE. WATERPORT PLACE, GIB., March 20th, 2023 – Digital As
Ciaran Lyons6 hours agoHester Pierce strikes back against SEC crypto warning to accounting firmsHester Pierce, commissioner of the United States Securities and Exchange argued that full transparency should not come at th
Red Alert For Solana: 21% Price Drop Raises Fears Of Further Collapse
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Alchemy Pay’s Unique Crypto-Fiat Payment Solution Disrupts the Industry
Alchemy Pay’s Unique Crypto-Fiat Payment Solution Disrupts the Industry sponsored On November 6, 2021, Alchemy Pay’s Chief of Staff, Karmen Tang, delivered her keynote addr