Tech

Senate committee chair demands Apple, Google over-protection against crypto app scams


Cryptocurrency scam still a serious problemand a key senator wants to make sure app store operators are cracking. Senator Sherrod Brown, Chairman of the Senate Banking Committee Mailing for Apple and Google CEOs to ask for answers about their crypto app fraud protections. This politician wants details on their app approval and reporting process, warns users about fraudulent activity, coordinates with rival stores, and monitors apps that turn into scams cheat.

We have asked Apple and Google for comment. Brown has given executives until August 10 to provide responses to the letters.

Both tech companies offer at least some refinement for bogus cryptocurrency applications. Review Apple’s App Store guide ban deceptive apps, including decoy and conversion tactics. Google is less targeted with its Play Store policy, but blocks apps that allow illegal activity or “dishonest behaviour”. Both companies allow you to report suspicious apps. However, they have never sent a live phishing alert before and are not known to actively monitor apps in case they commit phishing scams.

Either way, Brown considers effective safeguards crucial. FBI recently warning that app-based crypto fraud resulted in $42.7 million in losses. The senator said it was “obligatory” for stores to protect investors against this damage.

It is unlikely that the requirements will translate into legislation requiring a stricter anti-fraud system. The committee’s request, however, could clarify the positions of Apple and Google on the matter, and could increase pressure for further action. At the very least, it’s a reminder that the presence of an app on the App Store or Google Play is not a guarantee that the app will be trustworthy.

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