Google And Apple Under The Radar As Hundreds Of Investors Scammed Thanks To Fraudulent Crypto Apps

While the controversies surrounding Google and Apple are plenty, a new report is suggesting that regulatory bodies are scrutinizing the tech giants related to fraudulent app scams.

According to the FBI, hundreds of investors have been scammed millions because of malicious crypto apps found on both the Google Play Store and Apple App Store.

Letters were sent out on Thursday to the CEOs of both of these companies. They addressed Sundar Pichai and Tim Cook, asking them to provide a thorough explanation as to how they review and then approve numerous trade and wallet applications that are readily seen on the platform.

The news comes as the FBI issued a new warning about how so many other users were at risk of falling into the scams that have taken away millions at a glance. To be more specific, around $43 million have been taken away in the name of these apps.

That’s a lot of money, considering it took place a little under a year with so many applications continuing to carry out such behavior with no one to stop them.

Lawmakers are also urging both the tech giants to highlight which safeguards are in place that would make one feel comfortable while preventing such behavior from taking place in the future.

Different crypto mobile applications are available to the public with easy access, thanks to these app stores. This came as a warning to one senator who says it’s high time both these firms gave answers.

It’s true that the world of crypto seems like an easy and profitable ordeal where so many investors have found different ways to make the most of the trading trend. But with so many reports of fake scams circulating in the country, you can’t help but wonder how such scams are really expanding at a faster pace than anticipated.
At the moment, both Apple and Google have failed to comment on the news but we bet they’re working hard in addressing the growing concerns of various lawmakers and regulators in the country.

Just this past month, we saw so many law enforcement agencies like the country’s justice department and the FBI start taking more action against such fraudsters. They were said to have stolen millions from those who felt comfortable investing in them but little did users know that it was a huge scam.

Some were even scammed of billions. And if you think the fact that bitcoin and cryptocurrency may have declined in the recent past, that clearly didn’t stop so many from continuing on with their respective investments.

Scams are growing as we speak and that’s why leaders are concerned about the future.

It’s like a never-ending phishing scam and that’s why such firms are required to give details about how they monitor such processes and why warnings aren’t provided to users beforehand.

The reports of the inquiry came at a time when the Senate’s respective Banking Committee was all set to carry out a specific hearing linked to crypto experts regarding possible ways that the Senate could use to reduce such incidents from occurring in the near future.

Read next: Apple Secures Better Than Expected Sales And Profits But Slow Growth Which Has Investors Concerned
Previous Post Next Post