Cryptocurrency scams are on the rise on LinkedIn

According to the FBI, cryptocurrency scams are doing more and more damage on LinkedIn. Some users have already lost hundreds of thousands of dollars due to this phenomenon that the professional network is doing everything to stem.

In the fascinating and unforgiving world of cryptocurrencies, scams are, so to speak, the order of the day. It seems that one of the favorite platforms of cryptocurrency scammers is LinkedIn. In any case, this is what CNBC reports. FBI agent Sean Ragan made this observation, noting that in the professional network there are * “many potential victims and many past and current victims”.

LinkedIn inspires a little too much trust

The combination is more or less the same. The scammer pretends to be a professional, creates a profile and contacts another user. Once the conversation has stabilized, thriving cryptocurrency investments are promised. LinkedIn’s aura, which has long proven its value for networking, does the rest and victims don’t take the time to get suspicious. At first, the scammer invites his prey to an already established transaction site, but after several months he invites him to another platform, this time under his control. All that remains is to empty the account until the last virtual penny.

CNBC cites the case of Mei Mei Soe, a Florida-based user, who claims she lost all her savings to a scammer on linkedIn, a tidy $ 288,000. The usurper introduced himself as the director of a fitness company. After months of trading and an established trust, she had invited her to invest on Crypto.com, before her with $ 400. Subsequently, nine transactions were made by the victim on another site to grow her investment and set up her own business. Her scam closed, impossible to contact her interlocutor again.

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Up to $ 1.6 million in losses

There are dozens of cases like that of Mei Mei Soe, sometimes with scammers claiming to work for large companies with flashy names. Some victims are said to have lost as much as $ 1.6 million, while others found themselves unable to pay a home or car loan.

The Microsoft-owned network has communicated regarding these cases, acknowledging a surge in this type of scam. “We apply our policy which is very clear: Fraudulent activities, including financial scams, are not allowed on LinkedIn. We work every day to protect our members and this includes investing in automatic and manual defenses to detect and manage fake accounts, false information and suspected fraud. We partner with businesses and government agencies around the world to protect LinkedIn members from criminals. If a member is scammed, we ask them to report it to us and local law enforcement. “ Classic crisis management, then.

32 million accounts canceled in 2021

Beyond these elements of language, brains expand internally to find a way to counter the phenomenon. The platform’s “confidentiality and trust” manager Oscar Rodriguez readily admits that the differentiation between scams and legitimate approaches is sometimes “Incredibly difficult”. He advocates a tactic “Proactive education of members”which would allow him to do so “Understand the risks they can run”. In a blog post, Oscar Rodriguez recalled that it was very dangerous to send money to strangers, regardless of the platform used, and even more so when the account looks suspicious after a simple examination.

LinkedIn says it has already removed more than 32 million fake accounts in 2021 alone, 96% of which have been spotted by automated defense mechanisms. 127,000 fake profiles were detected by other users, which were very real, and all of them in turn were eradicated.

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