Mark Zuckerberg Must Explain the Existence of Crypto Scams in Meta Apps – BeInCrypto

Meta CEO Mark Zuckerberg would have to explain how company-owned social media platforms are fighting cryptocurrency scams after some Democratic senators raised the issue.

According to a report from Washington PostDemocrats in the US Senate want Meta to provide more insight into how it handles cryptocurrency fraud and say its platforms are breeding grounds for these types of scams.

The senators relied on a Federal Trade Commission (FTC) report that most scammers, especially those looking to take advantage of cryptocurrencies, now they focus on social networks to catch their victims.

The FTC identified cryptocurrencies as the most common form of payment for social media scams. Even more noteworthy is that 3 of the top 4 social platforms for these scams were owned by Meta.

Crypto scams in Meta apps

32% of cryptocurrency scam reports on social media mentioned Instagram, 26% mentioned Facebook, and 9% mentioned WhatsApp.

The reports required the letter written by the seven senators led by Senator Robert Méndez asking Meta to provide information about their policies regarding cryptocurrency scamswhether it actively detects these scams and how it helps victims and law enforcement.

Other senators who have signed the letter include Democratic Senators Sherrod Brown, Elizabeth Warren, Dianne Feinstein, Cory Booker and Independent Senator Bernie Sanders. Meta has to respond before October 24.

The letter also asked if Meta provides “warnings or educational material about cryptocurrency scams in languages ​​other than English.”

Meta spokesman Andy Stone has said that scams violate company policy and harm your business. Thus, it invests “substantial resources to detect and prevent scams.”

Mark Zuckerberg Must Explain the Existence of Crypto Scams in

This is not the first time that Meta has come under scrutiny for how it prevents these scams. Australian mining tycoon Andrew Forrest is suing the company for crypto scams.

He filed a criminal action saying that Meta enabled the spread of cryptocurrency scams on Facebook despite your best efforts to stop it.

Various cryptocurrency scams on the platform had used Forrest’s name to defraud victims, and the billionaire claimed that Facebook did not prevent it.

Cryptocurrency scams on social media

However, Meta platforms are not the only places where cryptocurrency scams are rampant. Also there are reports of crypto scams and bots on Twitter.

Recently, cybercriminals were able to pull off a cryptocurrency scam by streaming a video of an Apple side event promoting fake investments on YouTube.

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Mark Zuckerberg Must Explain the Existence of Crypto Scams in Meta Apps – BeInCrypto