Rising crypto scams in France trigger crackdown by authorities
The rise of cryptocurrency in France has led to a significant increase in financial scams, prompting urgent action from authorities. The Paris Public Prosecutor’s Office, AMF, and ACPR are concerned about fraudulent crypto investment schemes. False savings accounts have cost victims an average of €69,000, while false loans have resulted in losses of €19,000. Crypto-asset scams have led to average losses of €29,000 since mid-2023. A survey indicated that 3.2% of French adults fell victim to scams in 2024, with young men under 35 being the most targeted demographic. Scammers impersonate public authorities and exploit AI-generated content for deception. New tactics include “square fraud,” where scammers offer to recover lost funds for upfront fees. Authorities are focusing on prevention and enforcement, including public awareness campaigns and blacklisting unauthorized crypto entities. Consumers are advised to conduct thorough research and verify investment opportunities to avoid scams.
