Pigs are being actively butchered on LinkedIn

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MalwareBytes researchers have warned users that digital currency fraud has become a serious problem on LinkedIn . According to FBI special agent Sean Ragan, cybercrime with cryptocurrency is big business on LinkedIn.

Aspects of cryptocurrency fraud on LinkedIn are similar to fraud attempts on other platforms:

  • An unknown user writes to you for no reason. A simple conversation eventually turns to a conversation about cryptocurrency. The stranger claims that he can help make a lot of money on certain investments;
  • The victim goes to the investment portal. Then the victim invests his own money or the fraudster himself sends money for investment;
  • After a few weeks, the cybercriminal forces the victim to transfer funds to the site, controlled by an attacker. Then the fraudster disappears along with the victim’s money.

This style of attack is called “Butchering the Pig” (The Pig-Butchering Scam). The scam involves “fattening” the pig (victim) with promises of big and easy money. After the victim has believed and invested his money, the fraudster disappears. One of the key features of this attack is the imitation of random communication.

LinkedIn recommended that users protect themselves from fraud with cryptocurrency by using the following measures:

  • Unknown user asks for money. The request may include direct sending of cash, cryptocurrencies, gift cards, prizes and other winnings;
  • Attractive job ads with a high salary. Secret shopper, personal assistant, company representative – such vacancies are a potential threat, especially if the employer asks you for an advance payment.
  • Report any suspicious activity on the platform. You can contact LinkedIn directly and identify the alleged fraudster. The service specialists will help you protect yourself from the threat.

Earlier, security researchers found out that hackers can hack an account even before a user registers it. To do this, it is enough to exploit vulnerabilities on such popular sites as Instagram, LinkedIn, Zoom, WordPress and Dropbox.

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