Meta on how it’s fighting Crypto Scams
As per recent reports, six senators have demanded answers from Meta CEO Mark Zuckerberg about how there company would handle crypto currency scams on their social media platforms which include Instagram, Facebook and Whatsapp. They have expressed concern that Meta is providing a breeding ground for crypto currency fraud that will cause significant harm to the consumers. U.S Senators Sherrod Brown, Robert Menendez, Dianne Feinstein, Elizabeth Warren, Cory A Booker and Bernard Sanders have jointly sent a letter to Mark Zuckerberg who is the chairman and CEO of Meta.
The letter enquired about the efforts which the company is taking to combat the crypto currency scams on their social media platforms. The letter also highlighted while the crypto scams are prevailing all across the social media but the Meta sites are the prominent hunting ground for these scammers. As per the recent survey among the consumers who were scammed out of crypto currency on social media websites, it was identified that about 32% has been originated from Instagram and 26% from Facebook and 9% from Whatsapp.
The law makers in their letter asked seven questions regarding Meta’s current policies regarding crypto currency scams. They have requested Meta to respond to them with detailed information by 24th of October. For every social media platform, the main question is how company will find and remove crypto scammers and how are they warning users about crypto scams and how they are going to assist victims of the fraudulent crypto schemes.
Senators have asked how Meta is verifying that crypto ads are not scams. They have also question how does Meta decided on the licenses required for advertising in their platforms. They also asked to what extent Meta collaborates with law enforcement to track down the scammers. As Meta is continuing to build its new metaverse venture, several senators have asked Mark Zuckerberg to provide clarity and prove that they are serious about combatting these scams on their platforms.
The world would be anxiously watching on how Mark Zuckerberg responds to these questions.
As meta is being declared as the breeding ground for crypto scammers, he will have to respond to these concerns.