US senators ask Meta how it’s fighting crypto scams on platforms

The FTC data showed that three of Meta’s platforms – Instagram, Facebook, and WhatsApp – were among the top four used in the scams. — AP

A group of Democratic senators has asked Meta Platforms Inc CEO Mark Zuckerberg what his company is doing to stop cryptocurrency scams on its social platforms, including Facebook and Instagram.

The US Federal Trade Commission in June said more than 46,000 people reported losing more than US$1bil (RM4.49bil) in cryptocurrency to scams between January 2021 and March 2022. Nearly half of those people said the fraud started with an ad, post, or message on a social media platform, the FTC said at the time.