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US lawmakers question Zuckerberg over crypto scams on Meta apps

US lawmakers
TL;DR Breakdown
  • US lawmakers question Zuckerberg over scams on meta apps
  • The senators labeled the apps a breeding ground for scams
  • Zuckerberg ordered to submit a detailed report by October 24

US lawmakers have invited Meta CEO Mark Zuckerberg to explain how the platform is combating issues of crypto scams on the platform. According to the update, about seven senators called on the CEO to explain how the company checks the platform for fraud, involves authorities wherever needed, and provides relief for victims that have been scammed. Presently, the group controls three social media applications, including Facebook, one of the most popular worldwide.

US lawmakers call meta apps a ‘breeding ground’ for scammers

According to US lawmakers, a huge number of reports of crimes and crypto-related scams are being perpetrated on several social media platforms. These reports have opined that the meta apps can serve as a ground where scammers and hackers have field days to carry out their malicious deeds.

These malicious acts also cause users to lose their funds, which could have other repercussions. The senators quoted an earlier article that looked into social media and its relation with crypto scams. The article noted that the combination of both could lead to many frauds. According to the report, more than half of the $1 billion scammers stole in 2021 was carried out on social media platforms.

Zuckerberg to submit a detailed report by October 24

The US lawmakers also positioned that about four out of ten scams carried out last year were done on social media. Instagram accounted for the hugest with more than 30%, while Facebook and WhatsApp were close, polling 26% and 9%, respectively. Aside from that, the senators have urged the platforms to alert users of potential risks or scams in other languages besides English.

A spokesperson for the company has assured the public that the platform puts every available resource in place to ensure that users are safe from scams. However, the senators have given Zuckerberg an October 24 deadline to submit a detailed report on how they carry out these activities. The FBI has also cracked down on crypto scams in the past, warning users of several social media apps to beware of other clone apps that have been infected with malware.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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