Showing posts with label crypto scams. Show all posts
Showing posts with label crypto scams. Show all posts

US Senate Wants to Know Why Google and Apple REPEATEDLY FAILED to Stop Crypto-Stealing FAKE Apps in their App Stores...

Crypto scam apps

Sherrod Brown, chairman of the U.S. Senate Banking Committee, has asked Apple and Google CEOs Tim Cook and Sundar Pichai to explain why bitcoin (BTC) scams are so prevalent on their platforms.

Brown is requesting information regarding the processes that Google and Apple employ to approve the programs that they provide in their app stores, as many have turned out to be bogus apps meant to steal cryptocurrency from users. Brown further notes that once a scam has been identified, users who downloaded it do not receive notifications of illicit activities.

There have also been several instances of Google search results including 'sponsored results' that were actually decoy phishing sites; this is something we first heard about years ago and continue to hear about every few months.

Brown cites a Federal Bureau of Investigation (FBI) report that warns about the growth of fake mobile applications. Scammers have used this method to steal $42 million worth of cryptocurrencies over the past few months. The letter, posted on the official US Senate website reads:

“According to the FBI, in one case, cybercriminals defrauded at least two dozen investors by creating a mobile app that used the name and logo of a real trading platform. Investors downloaded the app and deposited cryptocurrencies into wallets. Ultimately, the app was fake and the victims of the scam were unable to withdraw funds from their accounts.”

In Apple's case, where their App Store is literally the only way to install any app to the iPad or iPhone, they defend this monopoly saying it's actually beneficial to the consumer, because they can screen and deny any potentially malicious apps.

Experts recommend always downloading crypto-related software from official websites. Take the time to read user ratings and comments when on Google Play or the App Store, especially for products with a low download volume.

The executives have until August 10 to respond, but it is unclear what consequences corporations may face if they do not comply with Senate inquiries.

Author: Justin Derbek
New York News Desk
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US Feds Say Over 7000 People Reported Crypto Scams Since October Last Year - A Relatively SMALL Portion Of Total Annual Scams...

There’s been a massive spike in scams linked to digital currency. Since October, nearly 7,000 people have reported losses of more than $80 million.

Global Crypto Press Editors Note:  If this sounds like a lot, it isn't.  Over 3 million scams are reported each year, costing over $3 billion.  Phone and postal mail scams still outweigh online scams. Most common for years has been 'imposter scams' where someone pretends to be calling from the government or a well-known business, a romantic interest, or a family member with an emergency.  Crypto is an extremely small portion of annual scams. 

Video courtesy of NBC News

Apple co-founder Steve Wozniak Sues YouTube After Bitcoin Scam Using His Image Remains Online For Weeks...

Apple co-founder Steve Wozniak filed a lawsuit against YouTube and Google due to a fake bitcoin scam that uses images and videos of Wozniak and other celebrities, including Elon Musk and Bill Gates.

The scam tells people send cryptocurrency to a certain address with the promise that they will receive double in return. When users transfer, nothing is returned. This is the same strategy used on during the massive hack into accounts of personalities and companies on Twitter last month.

Actual screen shot of the scam when it was live.
The new lawsuit focuses on the inaction of the social network to prevent the proliferation of fraudulent messages. It occurs at the same time that YouTube's legal team files a motion to dismiss the claims filed last April by Ripple and its CEO, Brad Garlinghouse, for this same problem of cryptocurrency scam videos. In this case using XRP.

"When Twitter was hit with a massive hack of 130 celebrity accounts, they were quick to shut down the Bitcoin scam in one day. In stark contrast, YouTube knowingly allows the Bitcoin scam to continue for months. You promote it and profit from selling targeted advertising" says Joe Cotchett of Cotchett, Pitre & McCarthy, the law firm representing Wozniac.

In their defense, YouTube cites the Communications Decency Act which they say affirms the platform is not responsible for user-posted scams because the messages are not produced or approved by the YouTube.

With the legal system backed up from Covid19, it could be late 2021 until we hear more, unless the issue is settled out of court.

Author: Oliver Redding
Seattle Newsdesk

Ross Davis is The Special Guest on This Week's Edition of the CRYPTONIZED Podcast - Taking Us Inside Crypto's Biggest SCAMS!

Global Crypto Press Association Editor In Chief and investigative journalist Ross Davis is the guest on this episode of the Cryptonized Podcast!

With Host Mark Fidelman, Ross discusses some of the scams he's helped expose, confront, and take down.  Plus, some big ones on the horizon we should all be concerned with... 

Play the YouTube verion above or access the show on any of these: