Phony trading and investment apps have stolen millions.
In the letters, Brown asked the CEOs to detail their crypto app review and monitoring processes to prevent apps from “transforming into phishing” scams. He’s also looking for any information Apple and Google have provided consumers about fake investment apps.
“While firms that offer crypto investment and other related services should take the necessary steps to prevent fraudulent activity, including warning investors about the uptick in scams, it is likewise imperative that app stores have the proper safeguards in place to prevent against fraudulent mobile application activity,” the senator wrote.
The inquiries came hours before the Senate Banking Committee, chaired by Brown, was set to hold a hearing with cryptocurrency experts on ways Congress could mitigate scams in the crypto and securities markets.Sign up for the newsletterPlease confirm your subscription to Verge Deals via the verification email we just sent you.
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