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FINANCIALLY AESTHETIC · GUIDE 21/37
JOB, GURU, INVESTMENT, CRYPTO & RECOVERY SCAMS
FA-4.3 · Scamproof & Financial Security
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THREAT MODEL
Fake opportunity scams sell status, speed or rescue - and ask you to ignore normal verification.
Fake Job Postings
Some job offers posted online do not lead to actual hiring. They appear identical to genuine offers - often very attractive to candidates - and comply with labour laws (hours of work, compensation, etc.). These fake job postings are created by fraudsters who pose as real recruiters by impersonating a company’s name, address, the identity of an employee or company executive, or its SIRET number. The goal is to extort money or steal personal information (bank details, social security number) for fraudulent purposes.
Money mules are primarily recruited on social networks, via instant messaging, or through advertisements or fake job postings.
Warning Signs
Be wary of offers that seem too good to be true or out of the ordinary. Don’t hesitate to discuss them with friends and family or a job counselor (France Travail, etc.). Be wary of ads containing spelling mistakes or that ask you to reply to a “public” email address. A large company will always send you a message from its own domain name (for example: [email protected], not [email protected]). Be cautious if a recruiter contacts you at an unusual time or claims they cannot meet with you because they are abroad. Pay close attention to what the recruiter says, especially if, for example, during an interview, they offer you a position different from the one mentioned in the job posting.
Never provide a recruiter with your personal information (bank account details, social security number, account number, or bank card number) until you have met them in person. Do not pay any money to a potential employer, regardless of the reason given (a potential employment contract or pre-employment training) or the method of transfer (purchase of prepaid cards or vouchers, international express money transfer). Never purchase equipment on behalf of the company, and never agree to receive a check or bank transfer to make purchases necessary for starting your new job. Do not accept any payment from your future employer until you have signed the employment contract. Verify the legal existence (SIRET number) of the company making the job offer. Do not continue communicating if you have any doubts about the integrity of the person you’re speaking with. Take the time to carefully read all documents provided to you, and never sign a document without knowing exactly what you’re committing to. Never cash checks that are not from your employer. Even if the amount of a check deposited at your bank appears as a credit in your account, the bank - once it has completed its verification process (e.g., to check for stolen checks) - has several weeks to approve the transaction or cancel it by debiting your account for the same amount.
What to Do If You Are a Victim
Immediately cut off all contact with the so-called recruiter, even if they become threatening via text or phone. Notify the organization to which you provided personal information: if you provided personal information (such as your social security number), notify the relevant organization (Social Security, France Travail, Health Insurance Fund). Notify your bank and regularly monitor transactions on your accounts: if you provided banking information, notify your bank and regularly monitor transactions on your bank account. Keep all evidence, including phone numbers, messages you received, or any other information that may help you report the scam to the authorities. Notify the organization whose identity has been impersonated and/or the job site that posted the ad, providing - if possible - all the information you have been able to gather to substantiate the job fraud (ad reference number, company name, name of the fake recruiter, contact information, etc.). Report the incident to the PHAROS reporting platform of the Ministry of the Interior. File a complaint: whether you are the victim of an attempted scam, personal data theft, or financial fraud, file a complaint at a police station or gendarmerie station, or by writing to the public prosecutor of the judicial district where you reside.
Financial Investment Scams
Online or over the phone, fraudulent offers promote savings products presented as alternatives to traditional investments, with promises of unrealistic returns. The Autorité des marchés financiers (AMF) provides advice on how to spot financial investment scams: if you receive an email or promotional message containing flashy claims promising to make you rich quickly and easily, a salesperson presents themselves as an expert, offering you a “miracle” financial product reserved for a select few; the salesperson will not seek to assess your investor profile and will use aggressive sales tactics; the salesperson will pressure you to make a quick payment.
When people feel that traditional investments yield low returns, the temptation to seek out more profitable solutions is strong. It is in this context that certain scams thrive: promises of unrealistic returns, fake investments in new sectors, fake financial advisers, identity thieves, fake taxes demanded by a public authority, etc. 57% of French people have already been exposed to financial scams.
Unconventional Investments and Fake “Green” Investments
Parking lots, investment diamonds, wine, rare earth metals, etc. Companies offer investments in these “unconventional” or “alternative” assets that are supposed to yield high returns, but which also carry high risks that are not always disclosed. Scammers exploit investors’ concern for environmental protection or sustainable development and offer fake “green” investments (hydrogen, renewable energy, eco-friendly parking lots, etc.). When a promised return is made, the offer must be registered on a whitelist with the AMF. If this is not the case, walk away! Scammers also manage to place advertisements for their fake investments in print media. Do not blindly trust the source where you find an investment proposal, and always conduct the necessary checks before investing.
“Secret Takeover Offers” and Identity Theft
By posing as inside sources, some scammers may contact you to “warn” you that a takeover bid is imminent. They’ll tell you that now is the right time to buy shares in the company in question, that it’s an opportunity to make a lot of money, but that you mustn’t tell anyone else about it or you’ll be accused of insider trading. These are always scams: although the stock exists, the investment opportunity being offered to you does not.
Some scammers pose as licensed companies that, in most cases, do not actually offer the investment they’re telling you about. They copy the company’s logo, website, or marketing materials and often insist that you verify their presence in official records to prove their “good faith.” The difference between their site and the one they’ve impersonated will come down to a few details, such as a single letter changed in the name, the website address, or an email address. Scammers may also contact you by spoofing the exact phone number of a company - usually your bank - or a public authority like the AMF: this is known as “spoofing.” In this case, it’s impossible to verify who you’re dealing with; the only solution is to hang up and call the same number back to verify who originally called you. No public authority, including the AMF, will ever contact you to offer investments, ask you to make a payment, or help you with fund recovery.
Online Training Courses and Pyramid Schemes
In the chapter title, “guru” is an informal label for this category of schemes: influencers, paid training courses, so-called advisors, miracle trading schemes, and pyramid recruitment. The mechanisms described below are those that are actually documented by the sources; the chapter does not invent a separate legal category called a “guru scam.”
Certain websites or social network influencers lead you to believe that you’ll become a trader after just a few days of training - and quickly make a lot of money. To appear more credible, they offer paid online courses, such as Bitcoin or Forex trading courses. Beware! You don’t become a trader in a matter of hours! True experts in financial markets and crypto-assets acquire their skills over several years. Trading - especially in Forex - is already a very risky activity for professionals, and even more so for individual investors! These training programs may actually be designed to steer you toward fraudulent investment platforms, or they may resemble fraudulent pyramid schemes whose goal is to get you to recruit new people from your circle to sign up for these so-called training programs.
Be wary of “miracle” training programs or investments that are supposedly reserved for only a select few and that you hear about from someone you know. In some cases, these can be large-scale, meticulously organized scams. A so-called advisor manages to convince people to make an initial payment or purchase a trading course. This money is used to pay out fake returns to other people who, having been won over, spread the word to those around them. This scenario is sometimes called a “Ponzi scheme”: each person is responsible for finding new recruits (who are actually victims), and the payments from some are used to pay others. When the fraudster at the top of the pyramid can no longer obtain new payments or repay those who want their money back, they disappear. That’s when the victims realize they’ve been deceived. At that point, it’s impossible to recover your funds; the only solution is to file a complaint.
Crypto Asset Frauds
A cryptoasset scam occurs when a fraudster takes advantage of the growing popularity of cryptocurrencies to lure you with the promise of high returns. They entice you to invest - often through persuasive pitches or “golden opportunities” - only to eventually disappear with your funds. These scams are often carried out by individuals or organized groups that are highly skilled at manipulating investors. Their goal is to extract as much money as possible before disappearing, leaving their victims with substantial losses.
Eye-Catching Ads
Social network scams are often accompanied by enticing ads offering training and advice on how to become a crypto expert in a short amount of time. Behind these offers, fraudsters seek to make initial contact and gain your trust. Their goal is to extract personal information and as much money as possible by encouraging you to follow their recommendations or purchase their services.
The New Friend You Met Online and the Ploy to Transfer Your Crypto
This type of fraud often begins with an online encounter on a dating app or a social network. A so-called “friend” strikes up a conversation by discussing shared hobbies or interests. Then, after a few pleasant exchanges, the person tells you about their investments in crypto and the high returns they claim to have earned. Little by little, they build a relationship of trust and offer to help you so that you, too, can benefit from high-return investments. Eventually, this “new friend” disappears with your money, and you’re left with no recourse.
Fraudsters may first convince you to buy crypto on an initial platform, then - after falsely building a relationship of trust - persuade you that transferring these assets to another platform will increase your returns. The second platform, supposedly more profitable, is actually fraudulent and displays fake results. Once the transfer is complete, your crypto is stolen, and you’ll be unable to recover it.
Fraudsters often use psychological tactics to gain your trust. If you’re hesitant, they may start by inviting you to invest a small amount. To reassure you, they’ll allow you to withdraw your funds, including the supposed profits. Once that trust is established, the fraudsters will use every means possible to convince you to invest more. Then, when you try to withdraw large amounts, they’ll cite all sorts of fees and delays. Eventually, the platform and the fraudsters will disappear with your money.
The Launch of New Crypto Assets
Initial offerings of cryptoassets or tokens, commonly known as “ICOs” (for _Initial Coin Offering_), are extremely high-risk and highly volatile forms of investment. While some of these projects are legitimate, many others have turned out to be fraudulent. Fraudsters often use these new offerings to attract investors by promising astronomical returns, before disappearing with the money.
Antoine’s Story
Antoine has been interested in investments for a while. On social networks, he’s seeing more and more content about cryptos. One day, an influencer he follows recommends a new crypto that, according to the influencer, “is going to skyrocket.” Antoine, impressed by the influencer’s ease and confidence, tells himself that someone who speaks with such assurance must surely know what they’re talking about.
The influencer posts videos regularly. His explanations are always simple and convincing. He shares examples of impressive returns and says he wants to help his followers “seize their opportunity.” Reassured by the influencer’s confident tone, Antoine decides to take a chance. He invests a small amount, just to see if the influencer’s promises hold up.
Antoine notices that the platform shows him gains right from the first few days. The influencer repeats that “the window is short” and that those who hesitate “always miss out” on a golden opportunity. Driven by this sense of urgency, Antoine increases his investments. What he doesn’t know is that the influencer is being paid to promote this cryptocurrency.
One morning, Antoine checks his account: the platforms associated with the project no longer show any activity. The money has been embezzled. As for the influencer, he seems to have vanished into thin air. Antoine realizes he’s been manipulated. He then discovers that the consequences go beyond the loss of money: his trust has been shaken, decisions are harder to make, and he feels like he’s been duped. And yet, it’s not his fault. Fraudsters know how to exploit our emotions and use formidable persuasion techniques.
Protect Yourself
Be wary of promises of unrealistic returns. There’s no such thing as a high return that is risk-free. If an offer seems too good to be true, it’s probably a scam. Make sure the person contacting you and the crypto-asset trading platform are registered with the AMF. Refuse to transfer cryptoassets to platforms not registered with the AMF. Be cautious if the platform is not based in Canada. Take the time to think it over. Avoid investments promoted on social networks. Never share your confidential information. Do your own research.
The “bank or money mule” scam
The term “bank or money mule” refers to a person - usually without their knowledge - who agrees to deposit into their own bank account or a specially opened bank account a sum of money entrusted to them by a third party. These are often funds acquired illegally by criminals seeking to conceal the fraudulent origin of the money. Subsequently, the mule transfers the funds onward, keeping a small portion of the amount as compensation. This practice is illegal. In France, the penalty for a money mule involved in money laundering can be up to five years in prison and a fine of 375,000 euros. Scammers recruit money mules by targeting people who are financially and psychologically vulnerable, luring them with the promise of quick and easy money.
Fund Recovery Scams
After stealing your money in an initial scam, scammers may set up a new trap by posing as lawyers or other individuals supposedly authorized to help you with collections. Their goal is to extract whatever money you have left by making you pay fees or taxes in exchange for their assistance. But when you’re the victim of a scam, your only option is to file a complaint with law enforcement! Keep in mind that the AMF does not offer a collections service: if someone calls you pretending to be from the AMF, it’s a scam!
Be wary: fraudsters often target their victims more than once. They may contact you again, posing as a lawyer, a financial institution, or a company specializing in financial fraud, to offer to help you recover your money.
What to Do If You’re a Victim of Fraud
Visit the “Victim of Fraud” page to find out what to do, and contact the AMF if the fraud involves so-called investments. You should also cut off all contact with the person or people involved and stop sending any money.
If you are the victim of a scam, your first step should be to file a complaint. You can file a preliminary complaint online. The Prudential Supervision and Resolution Authority encourages you to contact the National Police’s “Info Escroqueries” platform at 0805 805 817.
To protect yourself from a scam, you must verify the identity of the person you’re dealing with: check that the person and the organization they represent are authorized to offer loans or market financial investments by consulting the “Orias” registry of licensed financial agents and the “Regafi” registry of insurance or bank intermediaries “Regafi”; never disclose your personal or banking information to a financial intermediary without being certain that the offer comes from a financial institution or an authorized individual; insist on reviewing the legal documentation for the financial product.
RESPONSE RULE
Verify the person, company and payment independently; anyone promising guaranteed returns or paid recovery deserves suspicion.
- FTC - Job scams - United States - employment scam warning signs.
- Investor.gov - Relationship investment scams - United States - investment fraud.
- FTC - Refund and recovery scams - United States - recovery scams.
- Canadian Anti-Fraud Centre - Canada - fraud reporting and prevention.
