In a recent interview with CNBC on June 18, US Federal Bureau of Investigation special agent Sean Ragan cautioned that crypto scammers on LinkedIn pose a “serious concern” to user safety. According to the research, LinkedIn has seen an uptick in fraud on its platform recently, this time involving enticing users to invest in cryptocurrency.
This type of deception, according to Ragan, is widespread, and “there are a large number of potential victims, as well as a large number of past and present victims.” Victims of crypto scams interviewed by CNBC often believe the investment is real because LinkedIn is a popular corporate network tool.
The method works like this: the artist creates a fake LinkedIn profile and contacts the LinkedIn user. Before promising to help the victim with a bitcoin investment, the fraudster strikes up a friendly conversation on social media.
In most cases, the scammer directs the victim to a respectable bitcoin investing platform, but after earning their trust, advises them to transfer their assets to a site controlled by them. After then, the account is depleted of funds.
Rogan stated:
“These cryptocurrency scammers spend their time conducting research, laying out their goals, strategies, and tactics.”
More than 7,000 people have reported losing more than $80 million in crypto-related crimes between October 2020 and March 31, 2021, according to the Federal Trade Commission’s Consumer Sentinel.
According to the FTC, more than 46,000 customers have reported more than $1 billion in losses to bitcoin to fraudsters since early 2021.
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