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Crypto Scams Via LinkedIn are on Rise: How to Spot them?
Now more than ever, cryptocurrency scammers target job seekers on LinkedIn, a social network controlled by Microsoft. For cryptocurrency scammers, nothing seems to be beyond their grasp. Cybercriminals are now using LinkedIn to con cryptocurrency investors after phishing assaults, rug pulls, bogus giveaways, and various more sophisticated schemes.
Crypto-scammers on LinkedIn is a “serious concern” to user safety, according to an FBI agent. According to FBI agent Sean Ragan, cryptocurrency scammers are attracting applicants using the guise of an investment program on LinkedIn when it comes to investment fraud. It is important to stop this kind of deception.
How are these LinkedIn Crypto scams carried out?
Scammers establish convincing phony profiles, according to Ragan, and utilize the built-in messaging tool to initiate chats with carefully selected people. In the beginning, the con artists lead victims to reliable investing platforms in an effort to gain their trust.
Over the course of several months, they get to know the victim before persuading them to transfer their funds to a different site, which is almost always run by the con artist himself and is in no way legitimate. As soon as the cash is taken out of the victim’s wallet, it is lost.
Because LinkedIn is a well-known site for professional networking, victims are more likely to take messages from complete strangers seriously. In the end, it serves as a venue for professionals to network and develop connections within their field.
What does LinkedIn have to say about this matter?
The business claimed that it has a history of promptly deleting questionable content and user accounts that it believes may be connected to fraud. Unlike Twitter and Instagram, LinkedIn does not yet allow famous individuals to verify their profiles.
What steps has LinkedIn taken to address this issue?
LinkedIn has increased account blocking and screening, to begin with. A total of 32 million suspect accounts were closed by the corporation in 2021 alone. Between July 2021 and December 2021, 96 percent of these bogus accounts were stopped in their tracks by automated cybersecurity measures, according to a report issued by LinkedIn. During account registration, the system reported 11.9 million false accounts and while the system was in use, it discovered 4.4 million malicious accounts. It didn’t take long to block and delete these accounts. In order to manage such incidents properly, LinkedIn also encourages users to report grievances and other such incidents.
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How can investors prevent such circumstances from arising?
It’s acceptable to communicate with strangers online as long as you’re not in close proximity. It’s the same as letting a stranger into your house and believing that nothing will be taken if you provide them access to your financial information.
Here are some guidelines you should abide by to prevent these scenarios:
- Avoid falling for promises of substantial rewards because only con artists can make them.
- No honest company will insist on using cryptocurrency.
- If you are only requested to pay in cryptocurrencies, it should be a huge warning sign.
When approached by a profile like this, you should behave wisely and refrain from sharing your financial details with anyone online.
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