Sherrod Brown, chairman of the U.S. Senate Banking Committee, has asked Apple and Google CEOs Tim Cook and Sundar Pichai to explain why bitcoin (BTC) scams are so prevalent on their platforms.
Brown is requesting information regarding the processes that Google and Apple employ to approve the programs that they provide in their app stores, as many have turned out to be bogus apps meant to steal cryptocurrency from users. Brown further notes that once a scam has been identified, users who downloaded it do not receive notifications of illicit activities.
There have also been several instances of Google search results including 'sponsored results' that were actually decoy phishing sites; this is something we first heard about years ago and continue to hear about every few months.
Brown cites a Federal Bureau of Investigation (FBI) report that warns about the growth of fake mobile applications. Scammers have used this method to steal $42 million worth of cryptocurrencies over the past few months. The letter, posted on the official US Senate website reads:
“According to the FBI, in one case, cybercriminals defrauded at least two dozen investors by creating a mobile app that used the name and logo of a real trading platform. Investors downloaded the app and deposited cryptocurrencies into wallets. Ultimately, the app was fake and the victims of the scam were unable to withdraw funds from their accounts.”
In Apple's case, where their App Store is literally the only way to install any app to the iPad or iPhone, they defend this monopoly saying it's actually beneficial to the consumer, because they can screen and deny any potentially malicious apps.
Experts recommend always downloading crypto-related software from official websites. Take the time to read user ratings and comments when on Google Play or the App Store, especially for products with a low download volume.
The executives have until August 10 to respond, but it is unclear what consequences corporations may face if they do not comply with Senate inquiries.
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Author:
New York News Desk
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