U.S Senators Question Meta Over Prevention of Crypto Scams

U.S Senators Question Meta Over Prevention of Crypto Scams

  • The Senators’ letter specifically called out Meta sites as prime targets for fraudsters.
  • The Senators also expressed their worry that Meta is not doing enough.

As the parent company of Facebook, Meta, expands into the metaverse, numerous senators in the United States have requested Facebook CEO Mark Zuckerberg to demonstrate the business’s commitment to preventing crypto frauds on its platforms.

The group, headed by New Jersey Democrat Bob Menendez, sent a letter to Facebook and WhatsApp CEO Mark Zuckerberg on Friday, asking for details on how the company is combating cryptocurrency-related frauds.

Prime Targets For Fraudsters

In the letter, Menendez and his colleagues allege that “Meta provides a breeding ground for cryptocurrency fraud that causes significant harm to consumers.” Senators Sherrod Brown, who chairs the Senate Banking Committee, joined Senators Elizabeth Warren, Dianne Feinstein, Bernie Sanders, and Cory Booker in signing the letter.

While crypto scams may be found all across social media, the Senators’ letter specifically called out five Meta sites as prime targets for fraudsters. They found that among those who reported losing crypto, 32% stated it happened on Instagram, 26% on Facebook, and 9% on WhatsApp.

The Senators also expressed their worry that Meta is not doing enough to prevent the dissemination of false material in Spanish. They wanted to know whether Meta had any resources for preventing or recovering from crypto scams that are available in languages outside English.

The senators want Meta to explain its present procedures, including its methods for vetting crypto adverts and deleting fraudsters before they go live. The company’s practices on the proactive education and protection of its users, cooperation with law authorities, and the removal of fraudsters from its platforms are also under doubt.

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