Crypto Scam Inquiries Surge 14000% Since 2016 – French Financial Watchdog

Crime, News | May 9, 2019 By:

The Autorité des marchés financiers (AMF), the French financial supervisory authority, has seen over 14,000% surge in inquiries related to crypto scams in 2018 as compared to 2016.

In its annual report, the French financial watchdog said that the number of inquiries associated with crypto-related scams skyrocketed from 18 in 2016 to over 2,600 last year. According to the regulator, scam brokers that were offering binary options and foreign exchange (FX) products to retail investors have moved into the cryptocurrency scams.

“The large-scale deployment of the cryptocurrency offerings and their impact has led to questions about phishing technologies used by networks,” the regulator said. “The banners that are placed across the web advertise the information about the latest trends on cryptocurrency investment, but in reality, the main intention of them is to collect the personal data of retail investors.”

The AMF said that since March 2018, it has issued public warnings against 154 bad actors or websites, of which 118 are associated with cryptocurrency.