US senator demands Apple and Google explain scammy crypto apps

Apple and Google have received a letter from Senator Sherrod Brown asking the companies to explain what safeguards they use to ensure that fraudulent cryptocurrency apps are not permitted on their platforms.

The letter was addressed directly to Google CEO Sundar Pichai and Apple CEO Tim Cook. It comes after the FBI found that 244 investors in the US had lost $42m in funds stolen by cryptocurrency apps that were downloaded from the Google Play and Apple Store.

The senator urged the two technological giants to present him with the reviewing process they used before allowing an app to go live.

He then explained that many cryptocurrency criminals are clever enough to appropriate the intellectual property of prominent companies and push their own offer onto these marketplaces.

“While firms that offer crypto investment and other related services should take the necessary steps to prevent fraudulent activity, including warning investors about the uptick in scams, it is likewise imperative that app stores have the proper safeguards in place to prevent against fraudulent mobile application activity”, the senator said.

These apps have already proven dangerous and yet, they are allowed on the two company’s platforms. Apple and Google have until August 10 to reply to the senator.

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Source

Updated: 07/29/2022 — 16:00