JAKARTA – The rise of crypto fraud cases on social media that often ensnares investors because they are tempted by large returns has become a separate threat for the authorities.
Recently, the US Federal Bureau of Investigation (FBI) collaborated with social networking platform LinkedIn to combat fraud or scamming that often acts on LinkedIn.
The perpetrators of fraud (scammers) do not only act on social media Twitter and Facebook. They also act on the professional networking platform LinkedIn. Therefore the FBI did not want to remain silent after learning about the matter.
According to FBI special agent Sean Ragan, crypto fraud on LinkedIn has become a “significant threat” to the platform.
“This type of fraudulent activity is significant, and there are many potential victims, and there are many past and present victims,” said Ragan, quoted by CoinDesk.
According to reports, the scammers will pretend to be professionals by using fake profiles on LinkedIn to contact other users. These scams usually start with small talk and then lead to offers of crypto investments.
After gaining the trust of their potential victims, the scammer then directs the victim to invest their money in a site created by the fraudster, where they drain the victim's funds.
A number of victims claimed to have lost around $200,000 to $1.6 million. Cases of crypto investment fraud on social media have seen a significant increase, according to the FBI. Therefore, the law enforcement agency stepped up its investigation. However, Ragan could not comment further, because the fraud case was open.
LinkedIn is aware that crypto fraud cases on its platform have increased significantly. Therefore they are working to improve security on the platform as part of their efforts to provide protection to users.
"We work every day to keep our members safe, and this includes investing in automated and manual defenses to detect and address fake accounts, false information, and suspected fraud," LinkedIn wrote.
In that effort, LinkedIn claims to have removed more than 32 million fake accounts on its platform in the past year. The platform also stated that the crypto investment fraud was targeting residents in the Southeast Asian region. However, LinkedIn did not disclose how much loss the victims had on its platform.
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