AMF Reports Sharp Increase in French Crypto Frauds Among Financial Scams
by aria-crypto.com
December 26, 2024 at 15:25
AMF Reports Sharp Increase in French Crypto Frauds Among Financial Scams
France is confronting a significant rise in financial scams, precipitated largely by crypto-related frauds, according to the Autorité des Marchés Financiers (AMF), with annual losses estimated at €500 million.
The French financial watchdog is closely collaborating with various government bodies, including the Paris Public Prosecutor’s Office and the Autorité de Contrôle Prudentiel et de Résolution (ACPR), to tackle these scams.
Despite fewer reported complaints, the AMF emphasizes that the scale of financial fraud remains high, with a notable increase in crypto-asset investment scams.
Social media, influencers, and advanced technologies like deepfake videos are increasingly being used by scammers to lure victims with the promise of high returns.
The typical victim of these scams loses around €29,000, but losses from bogus savings accounts are even greater, averaging €69,000.
A recent survey highlighted a threefold increase in French adults falling prey to investment scams since 2021, particularly affecting young men under 35.
Scammers are exploiting the lure of quick wealth and exploiting victims' overconfidence in their investment acumen.
Identity theft also poses a significant threat, with scammers impersonating reputable financial and governmental institutions.
French authorities have responded by blacklisting nearly 5,000 unauthorized investment platforms and seizing over €645 million in criminal assets since 2020.
The AMF continues to advise vigilance and caution through public awareness campaigns, particularly aimed at younger investors and highlighting the dangers of seemingly lucrative offers.
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