The rise of crypto has become a platform for financial fraud in France, which has become a Increase in fraudulent activities That forces authorities to work hard to protect consumers.
The Paris Public Prosecutor's Office, along with regulatory bodies such as the AMF and ACPR, are particularly concerned about the increasing number of schemes involving fraudulent cryptocurrency investments.
The spread of fraud
The ACPR reported that fake savings accounts cost victims an average of €69,000 in the first three quarters of 2024, while fake loans resulted in an average loss of €19,000. According to the AMF report, crypto asset scams, which have grown significantly since mid-2023, have led to an average loss of €29,000.
A survey conducted by BVA Xsight for the AMF found that 3.2% of French adults will be victims of financial fraud in 2024, almost tripling from 1.2% in 2021. Young men under the age of 35 constitute the largest target demographic drawn by social media advertising and advertising promises. quick profit
Fraudsters are increasingly impersonating government officials and financial institutions. A third of identity theft scams reported to the AMF involved the fraudulent use of a regulator's identity. Fraudsters also exploit AI-generated content, including fake deep dive videos and bogus news articles, to promote false investment opportunities.
A newer tactic called “square scams” involves scammers posing as government officials to contact victims of previous scams and offer to recover lost funds in exchange for an upfront fee.
Suppression
Officials respond with a dual focus Prevention and implementation. Public awareness campaigns aim to educate consumers about the dangers of crypto scams and the importance of verifying platforms and offers.
AMF and ACPR actively blacklist unauthorized crypto entities and work with law enforcement to prosecute fraudsters.
The Paris Public Prosecutor's Office has reiterated its commitment to cracking down on cryptocurrency fraud and protecting consumers in the evolving digital landscape. Consumers are urged to exercise caution when considering crypto investments.
Thorough research, verifying platforms through official channels, and protecting private keys and personal information are essential precautions. As always, if an investment opportunity sounds too good to be true, it probably is.
