France Reports €500 Million Lost To Fraud Every Year

French citizens lose at least €500 million every year to financial scams, according to a report by four top agencies. The report shows that there has been a drop in the number of complaints, which might be because of better ways to recover money or combine reports from victims.

The report came from authorities like the Paris Public Prosecutor’s Office and Autorité des Marchés Financiers (AMF). Others include Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Direction Générale de la Concurrence, de la Consommation et de la Répression des Fraudes (DGCCRF).

According to the report, fake loans and false savings accounts are mostly used for scams. It revealed that these scams involving payments or insurance happen often. Investments in green or crypto assets are tricks scammers use too.

False Savings Accounts Cause Highest Losses

The report revealed that victims of fake savings accounts lost the most money. On average, each victim of these scams lost €69,000 in the first three quarters of this year. Those caught in false loan scams lost about €19,000 on average. By the end of November this year, the average loss from all scams was €29,000 per victim.

It also revealed that crypto scams have risen fast since the second half of last year. Many fraudsters target people with promises of guaranteed high returns, using the idea of “getting rich every time” to trap victims.

According to the update, a new tactic involves fraudsters pretending to help victims of earlier crypto scams. They promise to recover lost money in exchange for fees, often pretending to be from government agencies or financial regulators.

Another trick involves scammers calling people and offering to “protect” them from fake fraud. They ask for login details or transaction approvals, sometimes even sending someone to the victim’s house to collect a supposed faulty bank card.

The French government wants to protect people from scams. Since January 2022, they have blacklisted almost 5,000 bad operators. The country said 350 scam websites have also been blocked. These actions are helping to fight against fraud.

Authorities Seize Millions In Fraud Assets

For some years now, French police have taken over €645 million from criminals. This includes €268 million this year alone. Police are also teaching people how to avoid scams. They want everyone to know how to stay safe from fraud.

According to the report, 3.2 per cent of consumers in France lost money to scams. The number is three times larger than it was three years ago. Experts believe scammers use clever tricks to cheat others. These tricks can fool people who are not aware of scams. It is easy for many to get tricked.

Scams are growing, so French agencies are working harder to stop them. They want to protect people from losing money. They are doing more to fight scams every day. The goal is to keep everyone safe from fraud.