FBI Says Fraud on LinkedIn a ‘Significant Threat’ to Platform and Consumers

Sean Ragan, an FBI special agent had an interesting take on the current situation of cryptocurrency and the fraud on LinkedIn platform. He said fraudsters who are exploiting the LinkedIn platform to lure users into cryptocurrency investment schemes pose a “significant threat” to both the platform and its users. Ragan is the FBI special agent in charge of the San Francisco and Sacramento, California field offices.

In the exclusive interview, he called out the fraud on LinkedIn sayingIt’s a significant threat, he added, “This type of fraudulent activity is significant, and there are many potential victims, and there are many past and current victims.”

This is how the scheme and the scammer work to lure their victims. A fraudster creates a fake profile as the first step to cause the fraud on LinkedIn and it starts reaching out to different LinkedIn users.

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LinkedIn messaging is used and it starts with small talks that lead to hooking the victim with an offer to help make money with the help of crypto investment. Frauds on LinkedIn have happened in the past too but this new one with cryptocurrency involved is causing a lot of mess.

As because LinkedIn has the reputation of being a trusted platform for business networking, users tend to believe the investments to be legitimate. Victims who have interviewed with CNBC had this insight to share.

How The Fraudsters Are Doing The Fraud On LinkedIn?

Unlike most fraudsters, in this case, the person takes a longer duration of time to do the fraud on LinkedIn. It begins with the fraudster directing the victim to a legitimate crypto investment platform but he takes time to win the trust of the victim before urging them to move the investment to a different site.

This investment website is controlled by the fraudster and the money is then drained out of the victim’s account. The fraud on LinkedIn incident has been continuing for days now.

Fraud on LinkedIn

According to Ragan, this is how the criminals are making their money and continue their fraud on LinkedIn. They make sure to direct their time and attention to gaining the trust of the victims. According to him, “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 their tools and tactics that they use.”

The FBI has refused to comment anything on the cases as these are still open cases but has confirmed that investigations are on to catch these fraudsters causing such frauds on LinkedIn.

What Do LinkedIn and Others Have To Say About The Frauds On LinkedIn?

In a recently released statement, LinkedIn acknowledged an increased number of frauds on the platform and told the CNBC, “we enforce our policies, which are very clear: fraudulent activity including financial scams, are not allowed on LinkedIn. We work every day to keep our members safe, and this includes investing in automated and manual defenses to detect and address fake accounts, false information, and suspected fraud.”

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They even said how they work with peer companies and government agencies to keep frauds on LinkedIn away and keep the members safe from bad actors. The senior director of the trust, privacy, and equity of LinkedIn Oscar Rodriguez has, however, expressed that identifying between what is fake and what is not fake is incredibly difficult.

In a recent blog post of LinkedIn, they cautioned users to not send money to unknown people or respond to accounts that have a questionable work history or any such red flags.

These frauds on LinkedIn have increased a lot. The Global Anti-Scam Organization, advocacy for victims, has traced most of these perpetrators to Southeast Asia. After the release of the CNBC reports about frauds on LinkedIn, Crypto.com said that they immediately take down accounts that are linked to potential scams. 

“We take a proactive approach to managing and protecting against external threats, including scam and phishing campaigns,” the Crypto statement. 

So, will this fraud on LinkedIn come to an end finally or there are going to be others who will become a victim of it?

This was all for fraud on LinkedIn, we hope you found our content informative. Stay tuned for further updates, for more such content please visit leedaily.com.

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