FBI Says Cryptocurrency Fraud On LinkedIn A 'Significant Threat': How Scammers Lure Members

FBI special agent Sean Ragan has said that cryptocurrency investment scammers on Microsoft Corporation's (NASDAQ: MSFT) social networking platform LinkedIn are a significant threat to the platform and consumers.

According to an exclusive interview with CNBC, Ragan, the FBI's special agent in charge of the San Francisco and Sacramento, said that crypto-related fraudulent activities on LinkedIn are becoming more prevalent. 

Talking about how it typically takes place on the social media platform, Ragan told CNBC, a scammer would pose as a LinkedIn professional and lure other community members by suggesting how to make money through crypto investments. 

Also Read: Fraud Alert: This Doge-Named Crypto Is A Honeypot Scam

The scammer will then ask people to invest money. 

Ragan said that the FBI has seen an uptick in investment-related fraud and added that many active investigations are underway.

The Federal Trade Commission has reported that U.S. cryptocurrency traders lost almost $575 million due to investment fraud from January 2021 until March 2022.

The LinkedIn report has removed over 136 million instances of spam and scam content from its platform. It also closed over 31.6 million fake accounts last year.