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The savings account is a solution of choice for French people who wish to invest savings. In France, Livret A is the most successful option. There are more than 56 million people who have one.
The advantages of passbooks are numerous, starting with ease of use and attractive taxation. However, let’s recognize that interest rates are not always the most attractive. By searching a little on the Internet, some people sometimes come across offers of 6% remuneration. Unfortunately, it may actually be a scam. On this subject, the Prudential Control and Resolution Authority (ACPR) regularly warns of the proliferation of fake savings accounts.
The savings account at an attractive rate
If we have to talk about an interesting rate, it is difficult not to address the case of the Popular Savings Booklet. As a reminder, the LEP rate was, in February 2023, 6.1%. Today it is at 4%. It’s less interesting, but it’s still one point higher than that of Livret A.
In a context where interest rates are low, fake savings account scams are increasing. These scams take place on the Internet or on social networks. They promise exceptionally high returns, between 4% and 8% guaranteed. Fraudsters make these offers credible by using fictitious business names or those of existing companies.
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This flagship savings account in France threatens your money: 11 million French people affected
The procedure is simple: savers must provide personal information or make a first payment by bank transfer to open a savings account. Once funds are transferred, it is often impossible to get them back, as the scammer quickly disappears.
How to avoid fake savings account scams?
To avoid falling into the trap, it is important to be wary of offers offering abnormally high interest rates compared to those of traditional banks. Never share your personal or banking information without making sure the offer comes from an official company.
Start with a simple principle. When returns are very attractive, you take more risk. This is why savings account rates are often relatively low. Because they are without any risk. You do not risk losing your money. In fact, the State guarantees the return of your funds, even in the event of bank bankruptcy.
For greater security, you can consult the blacklist of dubious sites and entities published by the ACPR. Although this list is not exhaustive, it remains a valuable tool for spotting unauthorized actors.
What to do in case of a scam?
If, despite your precautions, you are the victim of a scam, it is crucial to react quickly. File a complaint and report the scam via the website-signalement.gouv.fr, the official portal of the Ministry of the Interior dedicated to reporting online fraud. Your action could help prevent further scam attempts.
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11 million French people lose money with this flagship savings account in France
Remember that a savings account with more than 6% is unrealistic. Such a rate, in the current low interest rate environment, is often the sign of a scam. In addition, pay attention to other red flags such as guaranteed winnings, requests for personal or banking data, or lack of transparency about the organization.
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