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US Senator asks Apple and Google to tackle crypto scam apps

Senator Sherrod Brown has written to Apple and Google to address the issue of crypto scam apps that continue on their application stores.

In the letter, Brown asked the companies to explain how they evaluate the trading apps before deciding on which ones they allow on their store.

Forbes reported that the letters arrived some hours before the Senate Banking Committee held a hearing on the issue, which has become quite a big deal.

The formats that these apps use differ, with some pretending to be legitimate apps only to steal users’ login details. Some falsely claim to be providing crypto exchange services only to steal users’ crypto.

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Forbes pointed out one such app called Metatrader 5, which it says is still on both the App Store and Play Store. It says that the scam involves deceiving victims into putting their legit cryptocurrency on the trading platform and showing them fabricated profit. However, they end up not being able to withdraw the funds when they want.

Apple has reiterated a couple of times that it does not allow apps on its platform to commit fraud. It claimed to stop about $1.5 billion worth of scam transactions in June 2022. Both companies did not address the letters that they received.

Senator Sherrod Brown presides over the Senate Banking Committee and has given Apple and Google until August 10 to prove that they can put proper safeguards in place for users.

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.