FBI says fraud on LinkedIn a ‘significant threat’ to platform and consumers

Fraudsters who exploit LinkedIn to lure users into cryptocurrency investment schemes pose a “significant threat” to the platform and consumers, according to Sea

SAN FRANCISCO — Fraudsters who exploit LinkedIn to lure users into cryptocurrency investment schemes pose a “significant threat” to the platform and consumers, according to Sean Ragan, the FBI’s special agent in charge of the San Francisco and Sacramento, California, field offices.

“It’s a significant threat,” Ragan said in an exclusive interview. “This type of fraudulent activity is significant, and there are many potential victims, and there are many past and current victims.”

The scheme works like this: A fraudster posing as a professional creates a fake profile and reaches out to a LinkedIn user. The scammer starts with small talk over LinkedIn messaging, and eventually offers to help the victim make money through a crypto investment. Victims interviewed by CNBC say since LinkedIn is a trusted platform for business networking, they tend to believe the investments are legitimate.

Typically, the fraudster directs the user to a legitimate investment platform for crypto, but after gaining their trust over several months, tells them to move the investment to a site controlled by the fraudster. The funds are then drained from the account.

“So the criminals, that’s how they make money, that’s what they focus their time and attention on,” Ragan said. “And they are always thinking about different ways to victimize people, victimize companies. And they spend their time doing their homework, defining their goals and their strategies, and their tools and tactics that they use.”

https://www.nbcnews.com/business/consumer/fbi-says-fraud-linkedin-significant-threat-platform-consumers-rcna34079


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