US Senator Quizzes Apple and Google on Fraudulent Cryptocurrency Apps
02 AUGUST 2022 - A member of the US Senate has questions about cryptocurrency for Apple and Google. Specifically - what are the two companies doing about crypto scams in their respective app stores? Engadget says Sen. Sherrod Brown (D-OH) sent letters to the two companies midweek last week, “requesting answers on their protections against cryptocurrency app fraud.” According to the report:
The politician wanted details of their app approval and reporting processes, user alerts for fraudulent activity, coordination with rival stores and monitoring for apps that transform into phishing scams.
Apropos of nothing, I wonder how Senator Brown feels about sideloading and Apple’s App Store. Anyhoo, the letter to Apple warns that:
Cyber criminals have stolen company logos, names, and other identifying information of crypto firms and then created fake mobile apps to trick unsuspecting investors into believing they are conducting business with a legitimate crypto firm. Alarmingly, far too many investors have fallen victim to such scams with losses exceeding $42 million.
Among the senator’s requests for Apple:
Info about the app review process
Steps taken to keep alleged crypto apps from turning into phishing nets
Systems and processes in place for users to report fraudulent apps
Info on ways Apple alerts users of potentially fraudulent crypto apps
Whether Apple shares info on fraudulent crypto apps with other app stores
He’d like answers from both firms by 10 August.
Hugs and kisses, Sherrod.
