Crypto scams a key culprit in France’s half-billion euro fraud spree

French authorities are intensifying efforts to combat a surge in financial scams, which they claim are growing more sophisticated.

The Paris Public Prosecutor’s Office and France’s financial and consumer protection authorities report that scams involving bogus loans, crypto investments, and false savings schemes cost victims an estimated half a billion euros annually.

A BVA Xsight survey highlights that 3.2% of French citizens have fallen victim to scams in 2024, a significant rise from 1.2% in 2021.

Young men under 35, drawn to social media get-rich-quick schemes, represent a notable demographic among victims.

Average losses range from €19,000 for false loans to €69,000 for fake savings accounts.

Scammers increasingly impersonate authorities, financial institutions, and even celebrities, often leveraging artificial intelligence to bolster their credibility.

Techniques like “fake advisor” calls and “square fraud,” where victims of scams are re-targeted under the guise of recovery services, further complicate the fight against fraud.

In response, authorities have blacklisted 5,000 unauthorised entities since 2022, launched awareness campaigns, and blocked nearly 350 fraudulent websites.

Investigations into international fraud cases like OmegaPro, a forex and crypto investment platform, have seized €268 million in criminal assets this year.

Authorities urge the public to verify offers, consult official registers, and exercise caution with high-return promises. “Prevention and vigilance are our strongest tools,” said the AMF.

Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.