Apple and Google pull hundreds of trading apps from stores over fears of financial scams

“Apple and Google have removed hundreds of trading apps from their online stores after an intervention by the Australian Securities and Investments Commission (ASIC) to crack down on online fraud,” Josie Cox reports for The Independent.

“In a statement on Tuesday, ASIC said it had conducted a sweeping review of mobile app stores focusing on those associated with so-called binary options trading. It said that the review highlighted over 330 apps that were offered by entities and individuals that appeared to be unlicensed,” Cox reports. “A total of 63 per cent of those examined were offered by so-called binary option issuers and facilitated trading.”

“Binary options platforms encourage investors to make apparently simple bets on whether shares or currencies will rise or fall in value over time. Many such platforms are legitimate, but an increasing number have been popping up across Australia, the UK and elsewhere that are fraudulent,” Cox reports. “Last week, an investigation published by The Independent revealed that thousands of people, particularly pensioners, are likely being scammed every year… ASIC said that in light of the review it had contacted Apple and Google and was encouraged ‘with the speed both entities removed the relevant apps identified by ASIC from their respective app stores.'”

Read more in the full article here.

MacDailyNews Take: Good to see this is being shored up!

On July 18, 2016, The Times of Israel‘s David Horovitz reported on the huge problem of binary options fraud. Read more about it here.

41 Comments

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