U.S. Senator. Sherrod Brown (D-Ohio), the chairman of the Senate Banking Committee, is requesting Apple and Google to clarify how they prevent fraudulent cryptocurrency apps on the Apple Store and Google Play Store.
Senator Brown is concerned about scams that continue to rob millions of dollars from innocent investors.
The lawmaker wrote in the letters to the two firms: “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.”
Brown mentioned that it is essential for these app stores to have the proper measures in place to prevent fraudulent mobile application activity.
In the letter, Sen. Brown asked for details about these firms' safeguards to prevent fraudulent activity in their app stores.
Senator Brown wrote: "In recent years, crypto trading...
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