France’s Leading Financial Authorities Unite Against Rising Financial Scams

The public prosecutor’s office announced that financial scams including loan schemes and fake crypto-asset investments, are rising in France and cost around €500 million on an annual basis.

Autorité des Marchés Financiers (AMF) published a recent survey “BVA Xsight,” which revealed that 3.2% of French adults are victims of investment scams. Men under 35 usually want to get rich and get attracted to fake programs on social media. Because these scams are usually executed through social media platforms and cause financial losses.

The Autorité de Contrôle Prudentiel et de Résolution (ACPR) reports average losses of €69,000 in fake saving account schemes and €19,000 in fake loan offers. Crypto asset investments have the highest rate of luring people, as AMF reports a loss of €29,000 per victim.

As reported by French regulatory bodies, scammers are using advanced tactics to deceive victims.

Regulatory bodies highlight this situation as an alarming sign for the country because complaints against financial crimes are rising.

“Modus operandi of fraudsters” is the new trend that attracts victims and promises them to get rich in no time. Identity theft is also a growing concern for regulatory bodies, as scammers are not afraid to impersonate authorities and other famous entities. By doing so, scammers gain trust and get access to the sensitive information of innocent people.

Social media platforms are now becoming a breeding ground for these schemes because influencers are promoting unauthorized content. To reduce this issue, regulatory bodies are encouraging the general public to verify the accountability of influencers.

Since January 2022, the AMF and ACPR have blacklisted 5000 unauthorised offers and market participants.

The Direction Générale de la Concurrence, de la Consommation et de la Répression des Fraudes (DGCCRF) is also promoting awareness campaigns to provide information to individuals using social media.

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Regulatory bodies & law enforcement agencies are increasing their efforts to combat financial crimes. Since 2020, the Paris public prosecutors have started global investigations and have seized criminal assets worth €645 million.

The AMF is using its authority to block access to fake websites and blocked approximately 350 URL’s since 2022.

According to media sources, authorities emphasize the importance of vigilance and responsible investment practices in combating rising financial scams. Individuals are urged to follow certain protocols to protect themselves from fraud.

• Be wary of “too good to be true” offers
• Consult official registries
• Utilize official whitelists
• Confirm bank identity
• Consult blacklists
• Conduct thorough research
• Protect personal data

Individuals can reduce their risk of falling prey to financial scams and make informed investment decisions by following these precautions.