France Intensifies Efforts Against Rising Financial Scams

According to ShibDaily, France's financial regulator, the Autorité des Marchés Financiers (AMF), is intensifying its efforts to tackle a significant increase in financial scams, which have resulted in annual losses of at least €500 million (approximately $520 million). The AMF is working closely with the Paris Public Prosecutor’s Office, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), and the Directorate General for Competition, Consumer Affairs, and Fraud Prevention (DGCCRF) to address the growing complexity of scams, particularly those involving cryptocurrencies. Financial scams in France have manifested in various forms, including fake loans, savings accounts, insurance services, and investments in green or crypto assets. The ACPR has reported that victims of false savings accounts have suffered average losses of €69,000, while fraudulent loan schemes have resulted in average losses of €19,000 in 2024. Crypto-related scams have become increasingly common, with average losses reported at €29,000 (approximately $30,100). A survey conducted by BVA Xsight indicated that 3.2% of French adults have fallen victim to investment scams, a significant increase from 1.2% in 2021. Young men under 35 are particularly targeted, often through social media and influencer endorsements, due to promises of quick wealth. Fraudsters are employing more sophisticated techniques, such as impersonating authorities and financial institutions, and using AI-generated content to create fake celebrity endorsements. A troubling trend is the emergence of "scam on scam" operations, where previous victims are contacted by criminals posing as officials offering recovery services for a fee. Since 2022, French regulators have blacklisted nearly 5,000 unauthorized entities and blocked access to 350 fraudulent websites. Public awareness campaigns, such as “Scam or No Scam?” and “Scams: There’s No Rush to Lose Your Money!” aim to educate the public, especially younger audiences, on recognizing financial fraud. Enforcement actions have also been strengthened. In 2024, the Paris Prosecutor’s Office continued international investigations into major scams and seized €268 million in criminal assets. The DGCCRF inspected 30 operators and issued orders to influencers promoting blacklisted platforms. Authorities are urging the public to remain vigilant, advising them to verify investment offers, consult regulatory registers, and protect personal data. For any concerns or suspicions, they recommend direct contact with regulatory bodies to avoid falling victim to fraudulent schemes.