Crypto Scams In France Hit €29K Average Amid €500M Wave Of Financial Fraud

French authorities are ramping up efforts to combat a rising wave of financial scams that defrauded victims of hundreds of millions of euros annually.

The scams, which include fake loan offers, fraudulent savings accounts, and bogus crypto-asset investments, have become increasingly sophisticated. Authorities estimate that victims in France lose at least €500 million annually, with an average loss of €69,000 reported for false savings accounts and €19,000 for fake loans. Cryptocurrency scams have particularly surged since 2023, with victims losing an average of €29,000.

A survey by BVA Xsight for the AMF revealed that 3.2% of French adults have fallen victim to financial investment scams, nearly triple the figure from 2021. Younger men under 35 are disproportionately targeted, often lured by high-yield investment promises on social media.

Fraudsters adopted increasingly sophisticated methods, including identity theft and deepfake technology. Some scams involve fake advisors pressuring victims to approve transactions or share login details, while others deploy false press articles featuring AI-generated celebrity endorsements for fraudulent schemes.

One alarming trend involves “scams on scams,” where fraud victims are approached by individuals posing as public officials offering to recover lost funds—for an upfront fee.

Social media remains a central platform for these scams, with influencers occasionally unwittingly promoting fraudulent investment opportunities.

Authorities have blacklisted nearly 5,000 unauthorized operators since 2022 and blocked access to 350 fraudulent websites. The AMF and DGCCRF also intensified public awareness campaigns, including videos and the “Scam or no scam?” initiative, to educate potential victims about identifying fraudulent schemes.

The Paris Public Prosecutor’s Office launched or expanded international investigations into major fraud cases, seizing €268 million in criminal assets in 2024. Meanwhile, the DGCCRF has taken action against influencers promoting blacklisted platforms, forcing many to cease their endorsements.

In 2023, France’s National Assembly’s Economics Committee voted in favor of a law that bans social media influencers from touting risky financial services, including cryptocurrencies.

The legislation also puts cryptocurrency in the same category as risky financial products, gambling, aesthetic surgery, and pharmaceuticals. According to the bill, violators of the new law will face up to two years in jail as well as a fine of €30,000. Those who found guilty will also lose access to their social media accounts.