American senators asked Meta how they prevent scams on the platform.
In June, the Federal Trade Commission (FTC) warned of social media scams.
Senators Warn Meta About Fraud
Senators are wary that Meta’s platforms offer a “breeding ground” for crypto scams. A group of Democratic senators, Meta Platforms Inc. He asked CEO Mark Zuckerberg what his company is doing to stop cryptocurrency scams on its social platforms, including Facebook and Instagram.
In June, the Federal Trade Commission (FTC) reported that more than 46,000 people lost more than $1 billion through cryptocurrency to fraud between January 2021 and March 2022. About half of these people said the scam started with an ad, post or message on a social media platform, the FTC reported.
“We are concerned that meta provides a breeding ground for cryptocurrency scams that do significant harm to consumers,” lawmakers including Senate Banking Committee Chair Sherrod Brown said in a letter published recently. FTC data showed that Meta’s three platforms, Instagram, Facebook and WhatsApp, were among the top four used in scams.
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