US Lawmakers Urge Mark Zuckerberg to Tackle 'Bedroom Ground' of Crypto Scams: Report
A June Federal Trade Commission report identified Facebook, Instagram, and WhatsApp among the top crypto social media fraud platforms.< /p>
New
A group of US Senate Democrats have reportedly asked Meta CEO Mark Zuckerberg to provide details about the social media giant's policies on cryptocurrency fraud.
According to a Friday report from The Washington Post, Senators Robert Menendez, Sherrod Brown, Elizabeth Warren, Dianne Feinstein, Bernie Sanders and Cory Booker have called out Zuckerberg for actions the company may take to detect crypto scams, to coordinate with law enforcement and assist victims of fraud. Meta currently controls Facebook, WhatsApp, Messenger and Instagram.
"Based on recent reports of scams on other social media platforms and apps, we are concerned that Meta provides a breeding ground for cryptocurrency fraud that causes significant harm to consumers", reportedly said the group of senators.
New: Senate Democrats Are Pressing Meta Over Its Efforts To Combat Crypto Scams, Amid Reports From Federal Regulators Say which they are thriving on Facebook and Instagram https://t.co/rwRonRuhMh
— Cristiano Lima (@viaCristiano) September 9, 2022Lawmakers cited a Federal Trade Commission report from June, which called social media and crypto a “combustible combination for fraud.” The commission reported that around half of crypto-related scams worth $1 billion in 2021 – the majority of which were investment-focused – came from social media platforms:
"Nearly four out of ten dollars reported lost to social media fraud were lost in crypto, far more than any other form of payment....
A June Federal Trade Commission report identified Facebook, Instagram, and WhatsApp among the top crypto social media fraud platforms.< /p>
New
A group of US Senate Democrats have reportedly asked Meta CEO Mark Zuckerberg to provide details about the social media giant's policies on cryptocurrency fraud.
According to a Friday report from The Washington Post, Senators Robert Menendez, Sherrod Brown, Elizabeth Warren, Dianne Feinstein, Bernie Sanders and Cory Booker have called out Zuckerberg for actions the company may take to detect crypto scams, to coordinate with law enforcement and assist victims of fraud. Meta currently controls Facebook, WhatsApp, Messenger and Instagram.
"Based on recent reports of scams on other social media platforms and apps, we are concerned that Meta provides a breeding ground for cryptocurrency fraud that causes significant harm to consumers", reportedly said the group of senators.
New: Senate Democrats Are Pressing Meta Over Its Efforts To Combat Crypto Scams, Amid Reports From Federal Regulators Say which they are thriving on Facebook and Instagram https://t.co/rwRonRuhMh
— Cristiano Lima (@viaCristiano) September 9, 2022Lawmakers cited a Federal Trade Commission report from June, which called social media and crypto a “combustible combination for fraud.” The commission reported that around half of crypto-related scams worth $1 billion in 2021 – the majority of which were investment-focused – came from social media platforms:
"Nearly four out of ten dollars reported lost to social media fraud were lost in crypto, far more than any other form of payment....
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