People in France who fall victim to financial scams lose a lot of money, with annual losses reported to be more than €500 million, according to recent findings from national authorities. Common types of scams include fake loan offers, misleading savings accounts, and phony investment schemes, especially in cryptocurrency and eco-friendly assets. On average, a victim loses around €29,000, with some scams, like the fake savings accounts, costing victims as much as €69,000.
Scammers have become more clever, sometimes using a “scam on a scam” approach, where they promise to help recover lost funds from earlier scams but ask for fees upfront. The French government is working to tackle this problem by banning fraudulent players in the market and confiscating millions in assets linked to these crimes. Although these measures are being taken, there has been a drop in the number of complaints, which might be linked to the introduction of civil compensation options for victims.
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