BEWARE! Scammers are not afraid to impersonate the authorities- France’s AMF said

The France AMF warns people about the rising crypto and financial scams. The authority also stated that Scammers are not afraid to impersonate the authorities and advertise their services. Some scammers go so far as to use the reputation of certain newspapers by posting ads or promotional press releases for false investment offers that impersonate existing companies.

AMF Stated that scammers put a lot of pressure on their victims. The “fake advisor” scam consists of calling the victim to “help” them stop alleged fraud on their account and asking them to approve transactions or asking them for their login details and then carrying out transactions from their personal account. A new variant involves sending a courier to the victim's home to collect a supposedly faulty bank card.

Identity theft is on the increase, including the identities of the authorities and their employees, financial institutions and their advisors or non-financial undertakings. A third of the identity theft scams reported to the AMF fraudulently use its identity.

The scammers' modus operandi is becoming more sophisticated. Fake videos and press articles are used to replicate the physical characteristics of celebrities, sometimes using artificial intelligence (AI). These celebrities then inadvertently reveal the source of their wealth, obtained thanks to an alleged crypto-asset trading offer, which turns out to be a complete scam.

Finally, a new technique is emerging, which could be described as “square fraud” or “scam on scam”. After Financial scams are fraudulent acts that reach a wide audience and take a variety of forms, including bogus loan offers, savings accounts, payment and insurance services and even green or crypto-asset investments.

About the AMF

The AMF is an independent public authority responsible for ensuring that savings invested in financial products are protected and that investors are provided with adequate information. The AMF also supervises the orderly operations of markets.

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