US senators urge Mark Zuckerberg to fight crypto scams on Meta’s platforms

The FTC’s report states that Facebook, Instagram, and WhatsApp are among the leading platforms for digital asset scams

10.09.2022 - 09:45

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What’s new? US senators called on Meta CEO Mark Zuckerberg to take all possible measures to combat crypto scams on his social networks, in particular through cooperation with law enforcement agencies. According to The Washington Post, they also asked for details on the company’s policies regarding fraud with digital assets. The senators cited the June Federal Trade Commission (FTC) report that said Meta-owned social networks, including Facebook, Instagram, and WhatsApp, became some of the leading platforms for crypto scams.

The Washington Post’s material

More details about the situation. The FTC reported that in 2021, more than half of the crypto-fraud cases that totaled about $1 billion in thefts occurred on social media platforms.

The most popular platform among criminals was Instagram, with 32% of fraud cases. Next came Facebook (26%), WhatsApp (9%), and Telegram (7%)

In addition, the senators urged Meta to warn about possible fraud in languages other than English. Meta spokesman Andy Stone said that the company invested “substantial resources to detect and prevent scams.”

Earlier, the FBI warned of the emergence of a large number of fraudulent cryptocurrency applications that mimic real companies or financial institutions.

The Securities and Exchange Commission (SEC) also issued a warning outlining the most common social media fraud schemes. The regulator urged being skeptical of information on online platforms and never to make investment decisions based solely on it.

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