Catenaa, Friday, January 10, 2024 – France is grappling with an alarming surge in cryptocurrency scams, with losses in 2024 estimated at half a billion euros, as criminals use increasingly sophisticated tactics.
The country saw a sharp increase in scams, with 3.2% of French people falling victim, compared to just 1.2% in 2021. Fictitious loans and fraudulent savings accounts caused individuals to lose up to €69,000, as AI-powered fraudsters impersonated authorities or celebrities to bolster their credibility.
One of the most significant schemes, the “OmegaPro” fraud, led to the recovery of €268 million in criminal assets, underscoring the scale of the issue.
The AMF, France’s financial watchdog, continues to issue warnings, reminding investors to avoid promises of extravagant returns, often a sign of fraud.
In response, French regulators have blacklisted 5,000 unauthorized entities since 2022 and blocked 350 fraudulent websites.
A national campaign to educate the public on crypto risks was also launched.
Despite these efforts, scammers remain creative, employing strategies such as fake advisors and “square” frauds, where victims are recontacted with promises of recovering lost funds. Regulators urge the public to always verify investments and remain cautious of too-good-to-be-true offers.
Crypto enthusiasts are particularly vulnerable, as 76% of assets promoted by crypto influencers are found to be scams.
