FBI agent Sean Ragan said on Friday that investment scammers on the social network, LinkedIn, have paused a significant threat to its users leading to loss of money.
Ragan feels that LinkedIn has a problem with protecting user safety from investment scams as there have been victims of fraud in the past, and there is still potential to have more victims.
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A significant number of scammers have been identified to be from Southeast Asia, and they seem to be very convincing. They constantly develop strategies and tactics that enable them to victimize people and companies. LinkedIn has about 830 million users in over 200 countries.
Reports have revealed a loss of $575 million on crypto traders due to fraud investments from January 2021 to March 2022. FBI has also realized an increase and an uptick on the same. For instance, Bitcoin has lost about 70% of $1 Billion to scammers since 2021.
The risk of using LinkedIn
LinkedIn focuses on business news and relationships, which could create a sense of false security and online scams. CNBC has revealed that scammers create fraudulent profiles and link them with successful companies or fake the image of a person with a thriving entrepreneurial spirit.
Unlike Twitter and Instagram, the platform also fails to give profile verification for its users. Crypto and NFT scammers have been seen abusing Verified Twitter accounts; hence, confirmation should not be considered foolproof.
LinkedIn fights fraud
Oscar Rodriguez, the network’s trust, privacy, and equity director, has attested to the increasing number of scammers on LinkedIn over the past months. He wrote a blog post on Thursday confessing the rise in fraudulent activity going on LinkedIn and other platforms across the internet.
The network has been bringing down any suspicious content and accounts that could lead to fraud. For instance, in 2021, the network removed 136 million cases of spam and scam from the platform. In addition, it has recently taken down over 31 million bogus accounts.
CNBC has reported that Rodriguez wishes to foster proactive awareness about the risks of using LinkedIn.
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