Six U.S. Senators asked Meta CEO Mark Zuckerberg to answer how his company is dealing with cryptocurrency fraud on social media platforms like Facebook, Instagram and Whatsapp. rice field. “We are concerned that Meta provides a breeding ground for cryptocurrency fraud that causes serious harm to consumers,” wrote lawmakers.
Senators Want Answers From Mark Zuckerberg And The Meta Platform
U.S. Senators Robert Menendez, Sherrod Brown, Elizabeth Warren, Diane Feinstein, Bernard Sanders, and Cory A. Booker said Thursday to Meta Chairman and CEO Mark Zuckerberg. wrote to about his company’s “efforts to combat cryptocurrency fraud on social.” Media his platforms such as Facebook, Instagram and Whatsapp.
Citing “recent reports of fraud on other social media platforms and apps,” including data from Federal Trade Commission (FTC), the senator wrote:
We are concerned that Meta provides a breeding ground for cryptocurrency scams that seriously harm consumers.
“Cryptocurrency scams are prevalent across social media, and some of Meta’s sites are particularly popular hunting grounds for scammers,” the letter explains. “Of the consumers who reported being scammed for cryptocurrency on social media websites, we identified 32% from Instagram, 26% from Facebook and 9% from Whatsapp.”
Lawmakers asked Zuckerberg seven questions about Meta’s current policy on cryptocurrency fraud. They require Meta CEO to reply with detailed information by his October 24th.
As per Meta’s social media platform, questions include how the company finds and removes cryptocurrency scammers, how it educates and warns users about cryptocurrency scams, and how it helps victims of fraudulent cryptocurrency schemes. includes a method. The senator also asked how Meta verifies that crypto ads are not scams and what regulatory licenses are required to advertise on its platform. I asked how much Meta is working with law enforcement to track it down.
US officials have warned that fraudsters are increasingly using social media to trick investors. In August, the U.S. Securities and Exchange Commission (SEC) warned Fraudulent investors exploiting fear of missing out (FOMO) on social media.
Have you ever been scammed on Meta’s platforms like Facebook, Instagram, Whatsapp, etc? Let us know in the comments section below.
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