Meta CEO Mark Zuckerberg was asked inletter from groupSenate on What His Company Is Doing to Fight Crypto Scams on Facebook, Instagram and WhatsApp Platforms
The Commission’s data shows that 49% of cryptocurrency fraud reports indicate that The scam took place on social media from January 1, 2021 to March 31, 2022, costing consumers a combined estimated $417 million.
Senators are led by Bob Menendez of New Jersey, and include Sherrod Brown of Ohio, Elizabeth Warren of Massachusetts, Dianne Feinstein of California, Bernie Sanders of Vermont, and Cory Booker of New Jersey.
The letter, dated Sept. 8, requested detailed information in writing by Oct. 24, including Meta’s current policy for finding and managing crypto scammers off social media platforms. Including steps to verify that crypto ads are not scams. and policies for removing scammers from the platform, and how Meta works with law enforcement to track scammers and other issues.
in March The Australian Competition and Consumer Commission said: It is taking legal action against Meta, alleging that the company deceived Facebook users by publishing ads for crypto scams featuring images of local public figures.
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