FBI Warns of Increased Cryptocurrency Scammers Targeting LinkedIn Users

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Jun 19, 2022 at 09:27 // News

The Federal Bureau of Investigation (FBI) has sent a stern warning to professional networking site LinkedIn. Sean Ragan, Special Agent with the Bureau, said cryptocurrency investment scammers are on the rise on the professional network.

Cryptocurrency investment scammers are targeting LinkedIn

According to the American Federal Investigation Bureau (FBI), LinkedIn, the professional networking site, is a stomping ground for cryptocurrency scammers. FBI Special Agent Sean Ragan revealed in an interview with CNBC that LinkedIn is facing a major problem with cryptocurrency investment scammers.

According to Special Agent Ragan, numerous users reported FBI on losing money after connecting with a cryptocurrency investment advisor on LinkedIn. The agent also reiterated that scammers pose a significant threat to both consumers and the network itself. 

On the other hand, LinkedIn acknowledged that it has observed increased statistics of fraudulent activity on the platform. The company said that it deleted more than 32 million fake users from the platform last year alone. The company told CNBC that it is very strict in enforcing its policies that do not tolerate fraudulent activity.

LinkedIn’s reach

LinkedIn is referred to by many as the “Twitter” of professionals. The company has nearly 800 million users logged onto its platform. About 57 million businesses and 120,000 schools have LinkedIn accounts. In 2021 alone, the platform generated more than $11 billion in revenue.

According to Businessinsider, the majority of LinkedIn users are from the United States, while India and China rank second and third. LinkedIn stated that its automatic protection against fake users stops about 96% of all fake accounts on the platform. The figures amount to about 11 million fake accounts stopped at registration. 

LiknedIn also advised its users in a blog post against sending money to people they have never met and connecting with users who have a fake work history.