Crypto Fraudsters Swarming to LinkedIn Pose ‘Significant Threat’ 3o633p FBI’s Sean Ragan

As per a CNBC report, a bunch of LinkedIn s have seen losses between $200,000 (roughly Rs. 1.5 crore) and $1.6 million (roughly Rs. 12 crore) owing to crypto scams. 4r205c

By Radhika Parashar | Updated: 20 June 2022 14:10 IST

Crypto Fraudsters Swarming to LinkedIn Pose ‘Significant Threat’: FBI’s Sean Ragan

Photo Credit: Reuters 3v6d2p

LinkedIn claims to have removed 32 million questionable s in 2021

Highlights

FBI’s Sean Ragan has highlighted the issue
LinkedIn is working with authorities to curb platform misuse
Crypto scammers are posing as financial advisors on LinkedIn

ment

LinkedIn has emerged as a new hotspot for crypto fraudsters to fish for unsuspecting and innocent victims. The observation has been highlighted by Sean Ragan, an FBI special agent, in-charge of the San Francisco and Sacramento, California, field offices. Crypto fraudsters have been posing as professional financial advisors and reaching out to LinkedIn s, offering them scam schemes. As per a CNBC report, a bunch of LinkedIn s have seen losses ranging from $200,000 (roughly Rs. 1.5 crore) and $1.6 million (roughly Rs. 12 crore) owing to crypto scams.

“This type of fraudulent activity is significant, and there are many potential victims, and there are many past and current victims,” CNBC quoted Ragan as saying.

The fraudsters on LinkedIn have been known to direct victims to legit crypto investment platforms, give them advise on proper investments, gain their trust over some months, and then convince them to move their investments into self-controlled sites.

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“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 victimise people, victimise 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 agent reportedly added.

LinkedIn has addressed the subject revealing that there indeed, has been a spike in fraud cases bubbling on its platform.

The Microsoft-owned job seeking platform, launched in 2002, is used by over 830 million s from around the world.

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The platform claims to have removed 32 million questionable s in 2021, in order to ensure safety of its legitimate s.

“We work every day to keep our safe, and this includes investing in automated and manual defences to detect and address fake s, false information, and suspected fraud. One of the things that I would really love for us to do more is get into proactive education for ,” Oscar Rodriguez, LinkedIn's senior director of trust, privacy and equity said in a blog post.

In its semiannual report, LinkedIn has claimed that its automated defences caught 99.1 percent of spam and scams, a total of 70.8 million, between July and December last year.

Rodriguez has advised LinkedIn s to report strangers asking for money, job postings that sound too good to be true, and romantic messages that may manipulate potential victims to step inside a scam scheme.

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Further reading: Crypto Scams

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at [email protected]. More