Google, Apple Face Probe By US Lawmakers Following Reports Of Crypto Scam Apps

Following a report by the Federal Bureau of Investigation (FBI), the executives of Apple and Google have been asked to appear before US lawmakers to clarify some issues regarding the report.

This follows a letter addressed to the duo by the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, Sen. Sherrod Brown (D-OH), requesting the duo to appear before the house.

The letter requested that such service providers take cognizance of the safety of investors.

The lawmakers sought that Apple and Google describe the review process taken before approving an app on their platforms, actions taken to alert people about scams, and processes they have in place to report fake apps.

A recent report by the Federal Bureau of Investigation (FBI) revealed that 244 investors had fallen prey to scams worth $42.7 million by fraudulent cryptocurrency apps.

‘Cyber criminals have stolen company logos, names, and other identifying information of crypto firms and then created fake mobile apps to trick unsuspecting investors into believing they are conducting business with a legitimate crypto firm,” he wrote.

“Alarmingly, far too many investors have fallen victim to such scams with losses exceeding $42 million,” Brown said.



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