Apple and Google under radar over fake crypto apps

ambcrypto.com:

Apple and Google, two of the most valuable companies in the tech space, are being accused of facilitating crypto-related fraud. These organizations are being pressed for information by U.S. Senator Sherrod Brown (D-Ohio), the head of the Senate Banking Committee.

The CEOs of Google and Apple were sent letters by the U.S. Senator for information on how these companies could stop fraudulent apps from promoting cryptocurrency frauds.

The current crypto winter, which caused losses of millions of dollars, has devastated many people’s lives. International financial regulators have stepped forward to correct the situation.

Additionally, as per statistics, a total of 95% of frauds are committed online or through mobile apps. Both the Apple App Store and the Google Play Store offer access to these techniques.

Brown launched his investigation after the release of an FBI report warning that 244 investors had been duped out of $42.7 million by fraudulent cryptocurrency apps posing as reliable investment platforms in less than a year. He wrote,

“Crypto mobile apps are available to the public through app stores, including Apple’s App Store. While cryptocurrency apps have offered investors easy and convenient ways to trade cryptocurrency, reports have emerged of fake crypto apps that have scammed hundreds of investors.”

The FBI and Justice Department, among other federal law enforcement agencies, started taking action against con artists earlier this month on suspicion of stealing millions of dollars from customers. Scams are becoming more commonplace despite the price decline of Bitcoin and other cryptocurrencies.

To stop crypto apps from “transforming into phishing” frauds, Brown urged the CEOs via his letters to provide specifics about