Apple and Google to report on their own methods of combating cryptocurrency fraud

The chairman of the Senate Banking Committee has sent letters to Apple and Google executives asking them to report on their own methods of combating cryptocurrency fraud.

As it has become known, Senator Sherrod Brown has been studying the risks and fraudulent schemes associated with cryptocurrencies for several months. According to Brown, one of the important components of protecting investors and the entire US financial system is the coordinated activity of companies to prevent and combat cryptocurrency fraud.

Representatives of Apple and Google have until August 10 to describe in detail the process of verifying applications that enter their stores: App Store and Google Play. The Senate is also interested in the control methods and the system of preventive measures taken by the companies to neutralize hacker applications.«While companies that offer crypto investments and other related services should take the necessary steps to prevent fraudulent activity on their own, it is important that app stores have adequate safeguards in place to prevent hacker attacks,» Senator Sherrod Brown explained in both letters.

As a reminder, social networks have become a common «place» for cryptocurrency theft. According to security experts at Certik, most phishing attacks in 2022 were carried out by hackers via social networks Discord and Telegram, which do not have the account verification function like other communication platforms. To protect users' funds and personal data, the EU’s updated code on fighting disinformation will require major tech companies such as Google, Twitter, and META to counteract dipshits and fake accounts on their platforms.