The French authorities are involved in an alarming increase in crypto scams, which contribute to an estimated €500 million in annual losses.
Financial scams continue to cause huge losses French users, with the Public Prosecutor's Office in Paris estimating that victims will lose at least €500 million annually.
In Thursday press release on December 26, the Autorité des Marchés Financiers revealed that the average loss for victims of financial scams will be €29,000 in 2024. Many of these scams have targeted crypto investors, with fraudsters using fake agreements fraud and investment platforms, the regulator said.
“Fake videos and news articles are being used to reproduce the physical characteristics of famous people, sometimes using artificial intelligence. These celebrities then unwittingly reveal the source of their wealth, obtained as a result of an alleged crypto-asset trading offer, which turns out to be a complete scam. ' there. “
Financial Markets Authority
Although the number of complaints has fallen, possibly due to compensation schemes and law firms grouping cases together, the AMF says the French authorities are still fighting fraudsters. From 2022, the AMF and the Autorité de Contrôle Prudentiel et de Résolution have listed almost 5,000 unauthorized market participants, according to the press release. Both of them have also worked to block nearly 350 fake websites.
In November 2023, AMF study showed that more French people own crypto than stocks or exchange traded currencies. The survey found that 9% of people own cryptocurrencies, compared to 7% who own stocks and 2% who own ETFs.
The AMF urged the public to be vigilant, warning against offers that seem “too good to be true” and advising individuals to consult official records before they invest.
