There are too many crypto apps out there for a user to choose from, so many that often at times, the user might get all confused and download the wrong ones that are possibly a scam. This has happened not once or twice but many times before that; innocent people have been robbed of their riches for downloading a scamming crypto app and falling prey to the bad intuition of the cybercriminals.
Recently, the senate banking committee chairman Sherrod Brown has written a detailed letter to the tech giants Google and Apple inquiring about their screening process for the crypto apps. Do they give access to all kinds of apps on their platform, and these become available for download right away, or is there a permanent process behind it?
He has written two different letters addressing the CEOs of both tech giants and bringing their attention to this matter. According to Mr. Brown, the matter is as serious as it gets; if there is no process to vet the apps and screen the code before making them a part of the Google Play Store or Apple’s App Store, then people, the end users are in serious trouble.
Scams have Increased due to Fake Crypto Apps
Mr. Brown has also attached a confirmed report from the FBI along with the letters which state that since the launch of many crypto apps and their free availability over online channels, the ratio of scams has increased to an overzealous limit. People don’t even have the first clue which apps they should be downloading and which ones they shouldn’t even try to approach. Many Americans have fallen a victim to those fake Bitcoin investment apps and wallets designed by cyber criminals to steal the hard-earned money of the end user.
Both tech giants have been instructed to reply to the letter by providing a detailed breakdown of the steps that they take to ensure that all the apps that become part of their platform are actually safe for the users to use.
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