The FBI warns that digital currency fraudsters penetrate LinkedIn and may represent a “serious threat” to the social media company and its users. According to Special Agent Sean Ragan, digital currency fraud has become a substantial activity on professional networking social media sites.
Ragan, head of the FBI’s San Francisco and Sacramento field offices, commented in an exclusive interview with CNBC. He went on to say that LinkedIn has many potential victims, as well as present and former victims of digital currency fraud.
The crooks’ methods of operation are becoming more sophisticated and meticulous. According to Ragan, it is evident from the cases the FBI handles that fraudsters spend their time completing their research, outlining their objectives, plans, and the instruments and methods they employ.
To exploit the Microsoft social media platform for commercial and professional networking, scammers take advantage of its reputation for reliability. After speaking with some fraud victims, CNBC discovered that con artists use the pretense of working for respectable businesses to entice their victims.
After gaining the victim’s trust, they persuade them to invest in digital currency on reliable and well-respected sites. With time and a rising level of trust, they instruct the victim to move their digital assets to their websites, drain the money, and vanish.
Scammers have threatened companies other than LinkedIn
LinkedIn is aggressively working to reduce these incidents, which the company has admitted are occurring more frequently. According to the company’s transparency report, in 2021, 136 million instances of spam and scam content and 31.6 million fraudulent accounts were deleted.
In a recent blog post, LinkedIn’s director of the trust, privacy, and equity, Oscar Rodriguez, asked users to keep reporting any questionable profiles or behavior to assist the site filter out scammers.
LinkedIn is not the only internet site where illicit activity is rising. Social media behemoths such as Twitter, Instagram, and Discord have also seen a surge in digital asset-related fraud cases. Although real high-profile accounts are verified, scammers continue to cause havoc on social platforms.
Despite the mounting danger, social media platforms continue to benefit the digital currency business. Market participants utilize social media to increase adoption and collaborate on project development. Blockchain-related talents were among the most sought-after on LinkedIn in 2020.