Scammers steal €5.14 billion from French online-banking customers in last year
PARIS (Sept. 16, 2024) — According to a new report, French consumers lost €2.92 billion less (€5.14 billion total) to scammers in 2024 than they did a year ago (€8.06 billion). While that represents a more than 33% decline, it still means the French lost a sum equivalent to 0.2% of the nation’s GDP to scams in the last year alone. The findings from the Global Anti-Scam Alliance (GASA) and BioCatch – the global leader in digital fraud detection and financial crime prevention powered by behavioral intelligence – show a nation making progress in its fight against scams but still suffering greatly from an onslaught of attacks.
“Four percent of survey respondents say they are willing to be money mules and nearly 5% are undecided,” BioCatch France Solutions Manager Matthew Platten said. “At a financial institution with around 8 million accounts, that represents more than 700,000 accounts potentially willing to help launder stolen money in return for a payment – a worrying figure to say the least. This situation is often exacerbated by economic insecurity, which pushes vulnerable individuals to accept fraudulent offers. Fraudsters exploit these vulnerabilities to recruit mules to help them launder scammed funds, making it even more difficult to detect and prevent these illicit activities.”
While the report finds the average amount lost per person declined by nearly 25% in France over the last year (from €1,351 to €1,022), nearly 80% of respondents say they encountered a scam at least once a month – a 6% increase from the year before.
Other key report findings:
• Victims see no point in reporting: Nearly three quarters of scam victims failed to report their scam to law enforcement.
• AI awareness a potential concern: More than 80% of respondents say they know scammers can use artificial intelligence (AI) to craft scam messages, but fewer understand the risk of AI-generated voice clones or deepfake videos.
• Scammers in our incoming texts: GASA finds a 19% increase in text and SMS message scams in the last year.
“The frequency of scam encounters is rising,” GASA Managing Director Jorij Abraham said, “and the likelihood of French citizens being re-targeted by scammers is increasing at an alarming rate. This continuous threat, coupled with a stagnation in the public's ability to recognize scams, means the French people urgently need broader access to education and awareness initiatives. Immediate action is essential to protect and empower the French people against scammers.”
Click here to access GASA’s complete The State of Scams in France 2024 report.
About BioCatch:
BioCatch stands at the forefront of digital fraud detection, pioneering behavioral intelligence grounded in advanced cognitive science and machine learning. BioCatch analyzes thousands of user interactions to support a digital banking environment where identity, trust, and ease coexist. Today, 32 of the world's largest 100 banks and 210 total financial institutions rely on BioCatch Connect™ to combat fraud, facilitate digital transformation, and grow customer relationships. BioCatch's Client Innovation Board – an industry-led initiative featuring American Express, Barclays, Citi Ventures, HSBC, and National Australia Bank – collaborates to pioneer creative and innovative ways to leverage customer relationships for fraud prevention. With more than a decade of data analysis, 92 registered patents, and unmatched expertise, BioCatch continues to lead innovation to address future challenges. For more information, please visit www.biocatch.com.
About GASA:
The Global Anti-Scam Alliance (GASA) is a non-profit organization dedicated to protecting worldwide consumers from scams. With more than 100 member organizations, GASA unites governments, law enforcement, consumer protection organizations, financial authorities & providers, brand protection agencies, social media, Internet service providers, and cybersecurity companies in a collaborative environment to share insights, research, and solutions to protect consumers from fraud and scams. Additional information can be found at www.gasa.org.
PR contact:
Mac King
BioCatch senior comms manager
Sam Rogers
GASA marketing director
+31 (0) 645-130-670
