Beware, the number of crypto fraud cases on LinkedIn is growing
People trust LinkedIn as a reputable professional networking platform. However, this networking platform is still susceptible to fraud. According to the FBI, the networking platform has become a breeding ground for crypto fraudsters, which poses a significant threat to both the platform and users.
Crypto fraud has been a lucrative business. It has cost people more than $1 billion since 2021, according to the FTC. After rug pull, romance scam, phishing, man-in-the-middle-attack, and other several schemes, now crypto scammers are exploiting LinkedIn to target victims.
How the fraud works
According to the FBI report, the perpetrators created fake, professional-looking accounts to entice victims. They start small conversations with them through the messaging feature.
Over time, the conversation developed and began to enter the topic of crypto. They invited victims to invest by luring them with the idea of obtaining big profits in a short period of time.
To gain trust, they first refer victims to legal crypto sites while building closer relationships over the course of several months. After they have won the victim’s trust, the fraudsters convince them to transfer their money to illegal platforms run by the scammers themselves. These illegal platforms are where the fraudsters steal victims’ money.
Through their official blog, LinkedIn acknowledged that there has been a rising number of fraudulent activities on their platform. Their policies are clear on prohibiting fake profiles and fraudulent activities, including fraudulent investment. Their teams work hard to keep users safe, including by investing in automated and manual defenses to detect fake accounts, false information content, and suspected fraud.
Tips to prevent crypto fraud
However, extensive preventive measures from the platform alone are not enough; users also need to take safety precautions. Extracted from several sources, here are three tips that users follow to prevent crypto fraud:
- Don’t easily fall for big profits in a short time frame. Only fraudsters can promise you such a thing.
- Understand that no legal business will force anyone to invest in crypto.
- Do your due diligence. Do research before making an investment decision. Find out if the cryptocurrency has a white paper to study, who runs it, and how it operates. Read genuine reviews and testimonials from investors. Also, check the official list of the most recent cryptocurrencies to see if the cryptocurrency you are going to invest in is legitimate.
- Avoid following or subscribing to an email on behalf of a bitcoin provider. If you log in and provide personal information, it will be used to access your account.
- Avoid downloading Bitcoin software from untrusted sources since it might be used to transmit viruses that can compromise the security of your Bitcoin wallet access and can be used to steal your Bitcoins.
However, no protection methods are foolproof. Even the most efficient security may be hacked by continually developing fraud schemes. Constantly be on the watch for any new crypto scam-related services.