Fake Social Media Profiles Have Reached Pandemic Levels In The Finance Sector!

The fake profile pandemic
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A few days ago, Binance founder and CEO Changpeng Zhao (CZ) warned via Twitter that out of more than 7,000 LinkedIn profiles of alleged Binance employees, only about 50 were genuine. Scammers would pose as LinkedIn employees and offer listings, for example. It is a fact that, especially in the high-risk payment segment, many providers such as Paypound or OpenUp work with fake profiles to trick merchants. It has already reached pandemic proportions.

Vitalik Buterin, the co-founder of Ethereum, also responded to CZ’s tweet with a warning, pointing out that there are more than 5,000 fake profiles of him on Instagram.

Fake profiles are also a problem on the Trustpilot rating platform, where fake reviews are used to make potential victims of scams believe they are reputable. The Boiler Room agents behind the scams write 5-star ratings on fake profiles.

It is about time that LinkedIn, Twitter, Facebook, and Trustpilot offer the possibility to register as a verified user via a simple KYC process. Uploading and checking an ID is no longer a problem.

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