According to a recent investigation by NordLayer, scams originating from LinkedIn are becoming increasingly prevalent and hazardous. The report indicates that a staggering 52 percent of American businesses have already fallen victim to at least one scam on LinkedIn this year.
LinkedIn, initially launched in 2003 as a platform for job-seekers and employers, swiftly amassed a user base of one million within a year, transforming it into a crucial hub for budding small businesses and startups.
However, in recent times, LinkedIn has evolved beyond a mere professional network. It has become a space for fostering social connections, sharing knowledge, and boosting one's digital presence, particularly for individuals managing personal enterprises. Unfortunately, alongside the growing opportunities presented by LinkedIn, scams and online phishing activities have also witnessed a worrisome surge. Following the prevalence of WhatsApp scam calls and fraudulent texts, LinkedIn has now fallen under the scrutiny of fraudsters.
Key Findings from the Study:
The research highlights that large businesses seem to be the primary targets, with nearly two-thirds (65 percent) of major US companies experiencing at least one attack this year. Nevertheless, smaller businesses have not been spared either, as 58 percent of medium-sized companies and 31 percent of small companies have suffered at least one attack.
Most Common Type of LinkedIn Scam:
These businesses not only become victims but also suffer reputational damage when their brand names are exploited in these attacks.
One prevalent type of scam affecting major corporations involves impersonating individuals employed by other prominent companies. Approximately 53 percent of scams reported fall into this category, which is somewhat unique to larger brands, as only 13 percent of smaller companies have encountered such incidents.
Popular Countermeasures Against Online Scams:
The report identifies three common approaches employed by businesses and individuals who have fallen prey to these scams:
- 69 percent of victims reach out to LinkedIn's customer support.
- 66 percent of victims directly contact their company's IT and cybersecurity departments.
- 45 percent of victims share their experiences on the LinkedIn network itself.
However, what is the most effective way to tackle these threats? According to Carlos Salas, a cybersecurity expert at NordLayer, the optimal strategy to safeguard your business is to educate employees about various scam types and how to identify them. Salas also advises encouraging employees to enable two-factor authentication (2FA) for their LinkedIn accounts and verify information requests.
Enabling Two-Step Verification on LinkedIn:
To activate two-step verification on LinkedIn, follow these steps:
1. Tap on your profile picture, proceed to Settings, and select Account.
2. Locate the toggle switch for two-step verification and activate or deactivate it as desired.
3. Select your preferred verification method from the available options in the dropdown menu, and click Continue.
Other Common Scams on LinkedIn:
1. Catfishing:
Scammers assume false identities online to deceive individuals into disclosing private information or relinquishing their hard-earned money.
2. Phishing:
Phishing entails using deception to coax targets into revealing their personal information. For instance, scammers may pose as recruiters from reputable companies, express interest in a target's LinkedIn profile, and redirect them to a counterfeit website that solicits sensitive data instead of the actual company site.
3. Fake Job Offers:
This scam is among the most frequently encountered on LinkedIn, involving the luring of victims with counterfeit job opportunities. Fraudsters offer enticing employment prospects or deceive individuals into providing services, only to vanish without remunerating the victims.
4. Malicious Software:
Exercise caution when receiving messages from strangers, particularly when they attempt to persuade you to download files. Word documents, PDFs, or website links shared by scammer.
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