Big Crypto Investment Frauds Are Happening Via LinkedIn

LinkedIn published a blog entry outlining its efforts to fight fraud. This had to be done after it was revealed that big crypto investment frauds are happening via LinkedIn.

Big Crypto Investment Frauds Are Happening Via LinkedIn

According to a recent CNBC story, LinkedIn users are being duped into making phony cryptocurrency investments, with some victims losing more than $1 million.

“It’s a significant threat,” FBI special agent Sean Ragan told the CNBC. “This type of fraudulent activity is significant, and there are many potential victims, and there are many past and current victims.”

It all begins with a request to connect to a fake account. The amicable discussion then shifts to the scam artist’s suggestion to purchase Bitcoin or another cryptocurrency on a reliable website. The victim is persuaded to transfer their valuables to a platform under the control of the scammer after several months of trust-building, though.

Mei Mei Soe, a Florida benefits manager, began by speculating $400 at before being persuaded to use a bogus site. Soe conducted a series of transactions utilizing her savings, income from bank loans, and even personal loans from friends in an effort to accumulate adequate cash to start her own firm.

After a few months of her fake acquaintance, she understood what had transpired. Soe declares, “I still remember the day.” “Once I realized I had been scammed, I tried to contact him but couldn’t find him anywhere…It hurts.”  Her life savings were destroyed, and she also incurred new debt, totaling $288,000 in damages.

CNBC’s Yasmin Khorram was invited by a victim support group that gathers frequently on Zoom to hear their experiences. The victims admitted losing $189,000, $300,000, $700,000, $1.3 million, and $1.6 million while keeping their five names secret to avoid causing themselves professional or personal humiliation.

LinkedIn published a blog entry on the day before CNBC’s story outlining its efforts to fight fraud. The Sunnyvale, California company claims that 99.1% of spam and scams are eliminated by their artificial technology before they can reach any people. LinkedIn claims to have deleted 32 million bogus accounts in 2021 alone.

LinkedIn advises only communicating with people that you know and trust when it comes to avoiding scams, and to be cautious of:

  • People asking for money: “This can include people asking you to send them money, cryptocurrency, or gift cards to receive a loan, prize, or other winnings.”
  • Advertisements for jobs or recruiters that demand payment in order to pursue possibilities.
  • Romantic gestures intended to let you let down your defenses.

Watch the video below:

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