Six U.S. senators demanded answers from Meta CEO Mark Zuckerberg on how his company handles cryptocurrency scams via its social media platforms (Facebook, Instagram and Whatsapp). The lawmakers stated that they are concerned that Meta could be a breeding ground to cryptocurrency fraud and cause significant harm to consumers.
Senators Need Answers from Mark Zuckerberg and Meta Platforms
U.S. U.S.
The senators cited "recent reports on scams on social media platforms and applications," data from the Federal Trade Commission (FTC), and wrote:
Meta could be a breeding ground to cryptocurrency fraud and cause significant harm to consumers.
The letter states that while crypto scams are common on social media, Meta's sites are a popular hunting ground for scammers. According to the letter, 32% of consumers who reported being scammed with cryptocurrency via social media sites identified the scammers as coming from Instagram, 26% from Facebook and 9% from Whatsapp.
The lawmakers asked Zuckerberg seven questions about Meta's current policies regarding cryptocurrency scams. They ask that the Meta CEO reply by October 24 with more detailed information.
The questions were asked for each Meta social media platform. They included how Meta finds and removes scammers, educates and warns its users about scams and helps victims of fraudulent cryptocurrency schemes. Senators also wanted to know how Meta ensures that crypto ads are legitimate and what licensing is required for advertising on its platforms. They also asked Meta if it collaborates with law enforcement in tracking down scammers.
The U.S. authorities warn that scammers are using social media to defraud investors more frequently. The U.S. Securities and Exchange Commission warned investors in August that fraudsters are using social media to exploit their fear of missing out (FOMO).
Are you aware of any scams that Meta has launched on its platforms (Facebook, Instagram and Whatsapp)? Please let us know what you think in the comments below.
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By: Kevin Helms
Title: US Senators Press Meta CEO Mark Zuckerberg on Crypto Scam Policies for Facebook, Instagram, Whatsapp
Sourced From: news.bitcoin.com/us-senators-press-meta-ceo-mark-zuckerberg-on-crypto-scam-policies-for-facebook-instagram-whatsapp/
Published Date: Sat, 10 Sep 2022 23:30:49 +0000
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