TechFlow news, December 26 — According to Cryptonews, the French Financial Markets Authority (AMF) reported that cryptocurrency-related scams are the primary cause of approximately €500 million in annual losses for victims. French authorities are intensifying efforts to combat these frauds in collaboration with the Paris Public Prosecutor's Office, the Prudential Supervision and Resolution Authority (ACPR), and the General Directorate for Competition Policy, Consumer Affairs and Fraud Control (DGCCRF).
The AMF reported that as of November 2024, the average financial fraud victim lost €29,000, while the average loss from fake savings accounts reached as high as €69,000.
In September 2024, a survey conducted by BVA Xsight for the French Financial Authority found that 3.2% of French adults fell victim to investment scams, a threefold increase compared to 2021.
Data shows that men under the age of 35 are particularly vulnerable. Driven by the desire for quick profits and lacking confidence in their investment knowledge, this group is easily exploited by fraudsters who use social media platforms to promise unrealistic returns.
