The AMF and the ACPR, which respectively regulate the stock market and the banking and insurance sector, believe that the epidemic and the economic crisis are breeding grounds for scams.
The epidemic of coronavirus, a boon for scammers? The regulator of the Stock Exchange (AMF) and that of the banking and insurance sector (ACPR) warned, Thursday, March 26, against the risks of scams in the context of the pandemic and the downturn in financial markets . “These fraudulent offers are likely to take various forms”, warn the Financial Markets Authority and the Supervisory and Resolution Authority in a joint press release.
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“For example, investment proposals presented as a safe haven through tangible goods (such as gold, precious metals, grands crus or whiskeys, etc.)” or “false banking or insurance products combining very attractive characteristics (high yield and absence of risk, speed of subscription and absence of verification of the borrower’s profile, etc.)”, they detail.
These scams also spread in the form of“fraudulent calls for donations or investments in companies, listed or not, supposed to profit from the epidemic and see their valuation increase”, completes the press release. The coronavirus crisis has so far caused European stock markets losses of around 30% since their mid-February highs.
“In this period when the French have to confine themselves to their homes and make increased use of the Internet, the AMF and the ACPR invite them to redouble their vigilance in the face of telephone canvassing campaigns, fraudulent e-mails supposedly sent by a trusted third party (bank, administration, energy supplier, etc.) but also online banner ads referring to forms to fill out“, remind the two authorities. “The crooks use these techniques in order to collect personal data which will then be used in the context of fraud or for aggressive or manipulative canvassing purposes in the case of financial scams”, adds the press release.