The global social media and internet sensation and the CEO of Meta platforms, Mark Zuckerberg is in the limelight. Zuckerberg received a letter from a group of Democratic senators with a few questions.
The questions were particularly regarding the meta platforms on what his organization is doing to fight crypto frauds. If an attack happens to be via the gigantic social media platforms spread like a spider web, is there a way to avoid or stop it?
Federal Trade Commission data shows that almost 49% of its fraud complaints and lawsuits report specified frauds originated from social media platforms. Out of the total complaints most of the cases lie between January 1st, 2021 to 31st March 2022.
The letter also states the total amount of consumers cost looted as bounty via social media frauds. The looted funds is almost equal to 417 Million USD as the letter from the six Senate Banking Committee noted.
The senators were led by Bob Menendez of New Jersey, and included Sherrod Brown of Ohio, Dianne Feinstein of California, Elizabeth Warren of Massachusetts, Bernie Sanders of Vermont and Cory Booker of New Jersey.
The letter, sanctioned on September 8th, was outlined to several crucial questions, including Meta’s current policy. Adding to this, the questions encircle the policies removing crypto fraudsters from their social media platforms. Also, the queries covered verification of crypto ads as frauds, policies removing frauds from platforms. Senators asked Zuckerberg for a detailed informative document in writing before October 20th.
Earlier in March this year, the Australian Competition & Consumer Commission mentioned in their news article that they will be taking action against Meta. The Consumer Commission alleged that the company has misled their users by various advertisements regarding crypto frauds and hacks.
Meta platforms have faced plenty of such scenarios and still walked out with a green flag. But with such an indefinite set of questions it may get difficult this time. Let’s sit back and watch things going!
Source: https://www.thecoinrepublic.com/2022/09/10/senators-questioning-zuckerberg-on-company-policies-against-crypto-frauds/