FBI Issues Warning Of Crypto Scammers On LinkedIn

FBI issues warnings of crypto scammers on LinkedIn and the special agent said that fraudulent activity is significant on the social network so let’s read more today in our latest cryptocurrency news.

Crypto investment scammers on LinkedIn are a huge threat to user safety according to FBI special agent Sean Ragan. Ragan added that the platform has a problem when it comes to investment scams which is why FBI issues warnings:

“This type of fraudulent activity is significant. There are many potential victims, and there are many past and current victims.”

FBI says fraud on LinkedIn a 'significant threat' to platform and consumers https://t.co/mBVxrf44Wy

— CNBC (@CNBC) June 17, 2022

The Microsoft-owned social network claims to have 830 million members in 200 countries and the scammers are not lazy either so they are becoming more and more convincing:

“They are always thinking about different ways to victimize people, victimize companies. And they spend their time doing their homework, defining their goals and their strategies, and their tools and tactics that they use.”

The FBI saw an uptick in investment-related fraud and the Federal Trade Commission reproted that the US crypto traders lost $575 million due to the investment fraud between January 2021 and March 2022. LinkedIn outlined business news and relationships which could create a false sense of security against online scams. The reports show that the fake profiles often claim to be associated with successful companies and legitimate businesses or represent people that have an entrepreneurial spirit.

LinkedIn’s director of privacy trust and equity Oscar Rodriguez noted the number of scammers is increasing:

“Over the last few months, we’ve seen a rise in fraudulent activity happening across the Internet, including here on LinkedIn.”

The company said it has a track record of removing suspicious content and accounts it suspects could lead to fraud. In 2021, LinkedIn removed 146 million instances of spam and scam content and it also removed over 31.6 million fake accounts a year ago. Rodriquez said that more proactive education on the risks of using the platform is something that he likes to see in the future. LinkedIn doesn’t offer profile verification for notable users, unlike Instagram and Twitter. Twitter also saw verified accounts abused by NFT scams.