04 October 2024

FBF: A national campaign to raise awareness of payment fraud in France

Faced with the technical reinforcement of security, fraudsters are coming up with increasingly sophisticated ploys to manipulate their victims, extorting their bank information from them by taking advantage of news stories or enthusiasm surrounding major events.

To mark the kick-off of Cybermoi/s (“Cyber me/month”) on 1 October 2024, a European event dedicated to raising awareness of cybersecurity, the French Ministry of the Economy, Finance and Industry, the Banque de France, the French Banking Federation (FBF – Fédération Bancaire Française) and the Observatory for the Security of Means of Payment (OSMP – Observatoire de la Sécurité des Moyens de Paiement) are calling on the French to step up their vigilance in the face of attempted payment fraud. To help convey their message, they are launching a vast national information campaign in the press and on the internet, backed up by support from influencers.

Increasing attempts at fraud through user manipulation
Payment fraud continues to represent less than €1.2bn in France, although 2023 confirmed a general increase in the use of non-cash means of payment (+5.2% in number of transactions). This stabilisation of fraud rates at a historically low level should be noted, although with a note of caution regarding fraud techniques involving user manipulation (including fraud involving impersonation of bank advisors), which are increasing and now represent €379m in 2023.

Faced with the technical reinforcement of security, fraudsters are coming up with increasingly sophisticated ploys to manipulate their victims, extorting their bank information from them by taking advantage of news stories or enthusiasm surrounding major events. The majority of cases of fraud involve the theft of telephone numbers. Others rely on the latest innovations in artificial intelligence. Deepfakes are used to mimic the voice of the victim’s banker or public officials.

These new threats have led market players, in consultation with the public authorities, to develop mechanisms to combat these various fraudulent processes: firstly, in terms of telecommunications infrastructures, with the implementation by operators of a mechanism to protect professionals’ user details for sending text messages and the activation from 1 October of the termination of calls whose numbers are not authenticated; secondly, in terms of payment infrastructures, with the implementation of the IBAN confirmation service, which will help combat transfer fraud. These systems aim to make fraud attempts more easily detectable by users, but they cannot replace their own vigilance.

A public perception of increasingly diverse threats
As Cybermoi/s 2024 – the French adaptation of Europe’s Cybersecurity Month – kicks off, the FBF reveals the results of the third edition of its survey of French cybersecurity perceptions and behaviours¹.

On a positive note this year, nine out of 10 French respondents consider their banking data to be sensitive and they are increasingly taking precautions against scams: 86% ignore unknown calls and 75% use complex passwords.

But the survey shows that the French are seeing a sharp rise in fraud linked to their personal and banking data: 79% believe that phishing is on the rise and 77% believe that bank card fraud and fake bank advisor fraud are also on the rise.

 

FBF

© FBF - French Banking Federation