The FBI has issued a warning about fake job ads linked to labour trafficking and cryptocurrency fraud. Traffickers coerce victims into committing crypto investment schemes abroad.
The Federal Bureau of Investigation (FBI) in the United States has alerted its citizens about a new scam involving fake job advertisements linked to labour trafficking and cryptocurrency fraud.
On May 22, the FBI cautioned that fake job ads might lure U.S. citizens and others abroad for crypto schemes that offer various opportunities, such as tech support, call centre customer service, and beauty salon technicians.
However, these ads are essentially part of a recruitment scheme for labour trafficking.
Labour trafficking is modern-day enslavement wherein individuals perform labour or services using force, fraud, or coercion.
In many industries, labour traffickers use violence, threats, lies, and other forms of coercion to compel people to work against their will.
According to the FBI, victims of these fake job ads have been targeted primarily in Asia. Upon arrival in a foreign country, they are “coerced” to participate in cryptocurrency investment schemes.
Additionally, these schemes involve soliciting funds from potential investors for fraudulent or non-existent crypto projects.
The FBI said that victims have been “held against their will, intimidated, and forced to commit international cryptocurrency investment fraud schemes”.
The agency encouraged victims of such schemes to come forward and report the activity via an online portal. Meanwhile, the FBI has investigated several crypto scams and incidents in recent years.
Most recently, on May 1, the FBI collaborated with the National Police of Ukraine to seize and shut down nine virtual currency exchange services allegedly aiding cybercriminals.
On April 30, crypto security and auditing firm CertiK released a report that revealed a loss of $103.7 million due to crypto exploits and scams in April.
The amount lost in April was equivalent to 50% of all the crypto exploited in 2023.
