The Actual Amounts of Online Fraud Revealed by the Stock Market Regulator

Whether it's fabulous returns or attractive interest rates—far exceeding inflation or even the generous offers of the Livret d'Épargne Populaire (LEP), or rates that are nonexistent at traditional banks—online scams are on the rise.

Last year, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), France's financial services regulator, added 1,262 websites or entities to its blacklist for offering financial products without the necessary authorizations.
 

"Virtually all" of these fraudulent offers involve fake loans or savings accounts, with more than 53% of them impersonating financial institutions or intermediaries legally authorized to market such products, the ACPR states in a press release. The blacklist also includes payment services and insurance contracts.
 

Scams, which are becoming increasingly common and costly, are accompanied by a significant rise in the losses suffered by victims. Miraculous returns or attractive interest rates—far exceeding inflation or even the generous offers of the Livret d’Épargne Populaire (LEP), or even nonexistent at traditional banks... Last year, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), France’s financial services regulator, added 1,262 websites or entities to its blacklist for offering financial products without the necessary authorizations.

"Virtually all" of these fraudulent offers involve fake loans or savings accounts, with more than 53% of them impersonating financial institutions or intermediaries legally authorized to market such products, the ACPR states in a press release. The blacklist also includes payment services and insurance contracts.

Scams, which are becoming increasingly common and costly, are accompanied by a significant rise in the losses suffered by victims. In 2023, the average loss from fake savings accounts was 93,000 euros, with one case reaching as high as 1 million euros. For fake loans, the average loss was 13,000 euros, but it could reach up to 60,000 euros last year.

These steadily rising figures are accompanied by an increase in the number of blacklisted sites or entities, as well as a rise in the proportion of cases involving the impersonation of licensed professionals.

All socioeconomic groups are affected by these scams, with savers being particularly vulnerable because they are seeking safe and profitable investments. The sense of security—linked to the absence of risk of capital loss and the availability of funds—attracts scammers.

This year, the ACPR is also warning about the proliferation of fake crowdfunding contracts offering investments in projects related to renewable energy, nursing homes, student housing, or parking lots equipped with electric vehicle charging stations. In 2023, 46 fraudulent websites or emails were identified in this category, compared to 20 in 2022.

The ACPR emphasizes the importance of systematically verifying whether an entity is authorized to offer banking or insurance products by consulting the appropriate registries, such as REGAFI, REFASSU, and the ORIAS website. In case of doubt, it is recommended to report any fraud promptly and file a complaint to prevent further victims. In one case, the loss amounted to as much as 1 million euros. For fake loans, the average loss was 13,000 euros, but could reach as high as 60,000 euros last year.
 

These steadily rising amounts are accompanied by an increase in the number of blacklisted websites or entities, as well as a rise in the proportion of cases involving the impersonation of licensed professionals.
All socioeconomic groups are affected by these scams, with savers being particularly vulnerable due to their search for safe and profitable investments. The sense of security—linked to the absence of risk of capital loss and the availability of funds—attracts scammers.
 

This year, the ACPR is also warning about the proliferation of fake crowdfunding contracts offering investments in projects related to renewable energy, nursing homes, student housing, or parking lots equipped with electric vehicle charging stations. In 2023, 46 fraudulent websites or emails were identified in this category, compared to 20 in 2022.
 

The ACPR emphasizes the importance of systematically verifying whether an entity is authorized to offer banking or insurance products by consulting the appropriate registries, such as REGAFI, REFASSU, and the ORIAS website. If in doubt, it is recommended to report any fraud promptly and file a complaint to prevent further victims.