Cryptocurrency scams on LinkedIn have increased significantly

Cryptocurrency scams have been rampant over the past year, and social media platforms play a key role in promoting these scams. The Federal Bureau of Investigations (FBI) has warned LinkedIn users that the business-oriented social network is being used to promote cryptocurrency scams.

LinkedIn users warned of crypto scams

Sean Ragan, an FBI special agent, spoke in an interview with CNBC, saying that fraudsters were using LinkedIn to unsuspecting users into false cryptocurrency schemes. These schemes posed a “significant” threat to the safety of users on the platform.

“This type of fraudulent activity is significant, and there are many potential victims, and there are many past and current victims,” Ragan said. The target group in these scams is quite large, given that LinkedIn has around 830 million members and is present in over 200 countries.

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Ragan explained how these scammers were luring users into these false schemes. The fraudsters posed like professionals by creating a fake profile and reaching out to a LinkedIn user. The fraudster offers the user an opportunity to make money from crypto investments. Since LinkedIn is a business networking platform, many users tend to fall victim to these fake investments.

“So the criminals, that’s how they make money, that’s what they focus their time and attention on, and 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 the tools and tactics they use,” Ragan added.

Regan said that the FBI had witnessed a significant increase in investment-related fraud. The Federal Trade Commission noted that cryptocurrency traders based in the US had lost $575 million because of investment fraud. These losses were reported from January 2021 to March 2022.

LinkedIn acknowledges uptick in fraud

LinkedIn admitted that there was an increase in fraudulent activities on the platform. The company noted that its policies advocated against fraudulent activities such as financial scams. The company has also implemented some measures to ensure its members are safe and protected from such scams.

The senior director of the trust, privacy, and equity at LinkedIn, Oscar Rodriguez, said that “one of the things that I would really love for us to do more is get into proactive education for members. Letting members know or basically allowing them to understand the risks that they might face.”

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