The crypto world can be a dangerous place. From fascinating gains to wrenching losses, it’s not for the faint of heart. It seems every day there’s another story of an elaborate crypto scam, and France is no exception.
New reports reveal that France has seen a new onslaught of scams targeting unsuspecting investors, using everything from deepfake technology to elaborate fake government impersonation schemes. But it’s also a warning call for us, as scammers continue to evolve their tactics: don’t let your guard down.
The Latest Trends In Crypto Scams
Authorities have reported a troubling rise in scams, turning something many thought was a safe haven into a breeding ground for fraud. Recent surveys show that 3.2% of French adults fell victim to fraud in 2024. The average loss? Over €29,000 per victim.
So many of us are drinking in this new world of crypto, and now it seems that scammers are too.
This new trend has become prevalent, with scammers utilizing advanced tactics to lure their victims, aiming to induce something truly awful: fear of missing out. One recent scam dubbed "square fraud" reached out to former victims of scams, offering a glimmer of hope for getting their money back, but only if they pay an upfront fee and agree to become part of the latest scam targeting crypto investors.
Protecting Yourself
The best way to thwart these scams? Do your research. Conduct due diligence when reviewing the latest so-called “opportunity.” Never take anything at face value. A too-good-to-be-true proposition, which is what many of these crypto investments are, is almost certainly a scam.
With these scams still fresh in many people's minds, there are several tactics that any investor can be armed with:
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Investing crypto requires you to look deeper and do more thinking than ever.
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By implementing stringent measures like end-to-end encryption, investing a lot of time in reviewing software crypto, and adhering to best practices, you’re far more likely to catch a fraud in the act.
As crypto scammers continue to hatch new schemes, it’s our job to protect our investments and keep our private crypto wallets well-stocked.
