Many fraudsters use LinkedIn to implement cryptocurrency fraud. Indeed, the FBI has noticed an increase in social media scams for professionals.
The FBI (Federal Bureau of Investigation) warns LinkedIn users, CNBC reports. According to Sean Ragan, FBI Special Agent in charge of offices in San Francisco and Sacramento, the social network is flooded with cryptocurrency fraud.
“It’s a significant threat. This type of fraud is significant, and there are many potential victims, and there are many past and present victims. “explains Sean Ragan.
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How Scammers Scam LinkedIn Users
The modus operandi of the deceiver is nothing revolutionary. First, the criminal creates fake LinkedIn profile. He presents himself as a successful entrepreneur or investor. Once his profile is set up, he will get in touch with his potential victims via text messages.
“I never trust anyone, but we started talking and over time he gained my trust.”testifies Mei Mei Soe, a victim who lost $ 288,000 in a scam on LinkedIn.
The fraudster will offer the victim to teach her how to make money through cryptocurrencies. He will first advise his target to leave legal trading platform, such as Crypto.com, Binance or Coinbase. A few months will effectively help the internet user to make a profit.
“He showed me how to profit from his investments and told me that I need to start investing with Crypto.com which I know is a legitimate website”adds a victim interviewed by CNBC.
After the first investments are made, the criminal will ask for the funds to be transferred to another location. This platform is completely under his control. He then leaves collect digital currencies victims and disappear. Once the money is transferred to the digital wallet of the fraudster, it is not possible to return it.
The FBI claims he noticed increasing the number of frauds of this similar. The modus operandi is reminiscent of the way pirates work dating apps, like Tinder or Grindr.
In the same way, the criminal pretends to care about his victim and wants to help her make money. After gaining his trust, he searches for the identifiers of the account on which the cryptocurrencies were paid. The pirate then disappears with his victim’s property. Some internet users have lost all their savings, the Guardian reported last summer.
32 million fake accounts deleted in 2021
LinkedIn assures make every effort to detect fraudulent orders. The Microsoft social network explains that it has been set up “Automated and manual defenses” to combat fraud. Thanks to this combination of algorithms and moderators, LinkedIn removed more than 32 million fake accounts last year.
In a blog post, the social network recommends limiting exchanges with people you know. To detect fraud attempts, the company advises you to pay attention to it “incomplete work history”inconsistencies, grammatical and spelling errors and “Romantic message”.
For its part, the Crypto.com platform is dedicated block all accounts involved in fraud. The Singapore company specifies that it is “it is essential to ensure that the account to which the funds are received is legitimate and that its owner is identified and trusted prior to the transfer.”
Crypto.com emphasizes that this precaution applies to all online exchanges, whether fiat currencies or cryptocurrencies. But despite precautionary measures taken by the platforms, the number of victims continues to rise.