Apple and Google Receive Letters from Senator over Fraudulent Cryptocurrency Apps

US Senator Sherrod Brown has sent letters to Apple CEO Tim Cook and Google CEO Sundar Pichai.

In the letters, he asked the companies to clarify how the processes for verifying and monitoring crypto-applications are carried out to prevent applications from becoming phishing.

The FBI had earlier published a report stating that fraudulent cryptocurrency apps posing as trustworthy investment platforms had defrauded 244 investors of $42.7 million in less than a year.

The senator wrote in letters:

While firms offering crypto investing and other related services should take the necessary steps to prevent fraudulent activity, including alerting investors to the rise of fraud, it is also essential that app shops have adequate safeguards in place to prevent fraudulent mobile app activity.

He also gathers information on what Apple and Google have provided consumers about fake investment apps.

Apple and Google have until 10 August to respond to the senator's requests.