Cryptocurrency scams cause financial fraud losses in France to reach €500 million per year

The French Financial Markets Authority (AMF) reports that cryptocurrency-related scams are the main cause of losses of about €500 million per year for victims. French authorities are working with the Paris Public Prosecutor's Office, the Audit and Settlement Supervision Authority (ACPR) and the General Directorate for Anti-Fraud, Consumption and Suppression of Fraud (DGCCRF) to step up efforts to combat these frauds. Data shows that men under the age of 35 are particularly susceptible. They are eager for quick success and have little confidence in their investment knowledge. Scammers use social media platforms to exploit this population by promising unrealistic returns.