Sherrod Brown, Chairman of the US Senate Banking Committee, urged Alphabet and Apple to provide information on how to prevent cryptocurrency fraud in apps hosted in their stores.

Brown sent related letters to Sundar Pichai, president of Alphabet, Google’s parent company, and Tim Cook, Apple CEO.

With such a request, he decided to turn to tech giants after the FBI reported that cybercriminals were creating fake apps to invest in cryptocurrencies. The agency recorded more than $42 million in investor losses.

According to Brown, crypto companies should take steps to prevent fraudulent activities. However, he said it’s critical that app stores also have appropriate security measures.

The Senator asked Alphabet and Apple to report before August 10:

• about the process of reviewing cryptocurrency applications before they are approved for placement in stores;
• mechanisms to prevent the spread of phishing applications;
• fraud monitoring systems and measures to remove them if they are detected:
• processes running upon user notification of such applications.

According to Immunefi experts, in the second quarter of 2022, the total loss of crypto projects from hacking and fraud exceeded $ 670 million.

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