Cryptocurrency popularity in France has led to more financial scams, causing authorities to take urgent steps to protect consumers. The Paris Public Prosecutor’s Office, along with regulatory bodies like the AMF and ACPR, is very concerned about the increase in scams involving fake crypto investments.
Recent reports show that victims of fake savings accounts lost about €69,000, while those impacted by fake loans lost around €19,000. Crypto-asset scams have increased since mid-2023, with victims losing about €29,000 on average.
A survey by BVA Xsight for the AMF found that 3.2% of French adults were victims of financial scams in 2024, up from 1.2% in 2021. Young men under 35 were the most targeted group, often influenced by appealing social media ads.
Scammers are using more advanced methods, like pretending to be government officials and banks. There is a worrying trend where AI-generated content, like deepfake videos, is used to trick people. A new scam called “square fraud” has appeared. Scammers pretend to be officials and reach out to past scam victims, claiming they can help recover lost money for a fee upfront.
Authorities are concentrating on prevention and enforcement. Public awareness campaigns help teach people about the dangers of crypto scams and highlight the need to check investment platforms carefully. The AMF and ACPR are working to ban unauthorized crypto entities and team up with law enforcement to take action against offenders.
