Apple and Google Will Have To Report On Fake Crypto Apps On Marketplaces

US Senator Sherrod Brown sent letters to the CEOs of Apple and Alphabet, the parent company of Google, formally requesting information about fraudulent cryptocurrency applications on the App Store and Google Play platforms and how to deal with them.

In letters to Apple CEO Tim Cook and Alphabet CEO Sundar Pichai, Brown inquired about the current process for approving crypto apps on the platforms, including methods for assessing the level of “reliability and security” of apps to rule out phishing programs.

The senator also asked whether companies reported the existence of fake cryptocurrency applications to their users.

Apparently, Senator Brown was very interested in the July 18 report by the Federal Bureau of Investigation on fraudulent cryptocurrency applications, which prompted a response in the form of a request for information from the heads of tech giants.

The FBI report indicated that between October 2021 and May 2022, scammers stole over $42 million from 244 people, explicitly using the name of a former legitimate crypto exchange.

Earlier, Trend Micro published information that there are more than 200 variants of various fraudulent applications on Google Play.

Post a Comment