French Crypto Scams Surge as Regulators Crack Down on Fraud Networks

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France’s financial watchdog, thе Autorité des Marchés Financiers (AMF), is ramping up efforts to combat a surge in financial scams that have defrauded victims of at least €500 million annually (approx. $520 million). In collaboration 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), the AMF is addressing the growing sophistication of French crypto scams, among others.

Financial scams have taken numerous forms, including fake loans, savings accounts, insurance services, and investments in green or crypto assets. The ACPR reported average losses of €69,000 for victims of false savings accounts and €19,000 for fraudulent loan schemes in 2024. French crypto scams have become particularly prevalent, with average losses reported at €29,000 (approx. $30,100).

A survey by BVA Xsight revealed that 3.2% of French adults have fallen victim to investment scams, nearly tripling from 1.2% in 2021. Men under 35, drawn by promises of quick wealth, are disproportiоnately targetеd through social media and influencer endorsements.

Fraudsters have increasingly employed advanced techniques, such as impersonating authorities and financial institutions, and using AI-generated content to fake celebrity endorsements. A concerning trend is “scam on scam” operations, where victims of earlier frauds 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. High-profile campaigns, such as “Scam or No Scam?” and “Scams: There’s No Rush to Lose Your Money!” aim to educate the public, particularly younger audiences, on identifying financial fraud.

Enforcement has also intensified. In 2024, the Paris Prosеcutor’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 urge vigilance, advising the public to verify investment offers, consult regulatory registers, and guard personal dаta. For concerns or suspicions, they encourage direct contact with regulatory bodies to prevent falling victim to fraudulent schemes.