Banking fraud in France exceeded €1 billion in losses during 2023, with payment fraud reaching €1.2 billion, according to the French Banking Federation. And new research by YouGov for identity verification company IDnow highlights how this has translated into significant concerns among French citizens about digital security and fraud prevention.
The October 2024 survey of 1,013 French adults found that 62 percent of respondents worry about becoming banking fraud victims. One in ten respondents reported experiencing banking fraud, while nearly 40 percent have faced identity theft attempts.
IDnow, which recently joined the €8M EU Project ACHILLES to develop ethical AI for identity verification, discovered varying awareness of fraud types across age groups. While 86 percent of French citizens understand identity theft and 67 percent know about phishing, only 33 percent comprehend deepfakes, though 58 percent recognize the term.
“Between deepfake videos and fraudulent messages claiming to be from banks, it is becoming increasingly difficult for consumers to know what is authentic,” says Lovro Persen, Director of Document Management and Fraud at IDnow. “While technology can facilitate fraudsters’ tasks, it can also be a solution to the problem.”
Banking leads industries where French citizens express fraud concerns at 65 percent, followed by online shopping at 45 percent and social networks at 42 percent. This increased awareness coincides with IDnow’s recent EU certification as a Qualified Trust Service Provider.
The research shows promise for digital identity adoption, with 72 percent of respondents familiar with the concept and 70 percent ready to use these solutions for banking. The development supports France’s move toward stricter online verification requirements across sectors.
Cyril Patou, VP Sales France at IDnow, notes that banks can turn security challenges into opportunities. “By implementing advanced identity verification technologies, they can reduce users’ concerns while building trust with the French public,” he said.
The study recommends that banks improve customer onboarding, strengthen security awareness, and implement robust verification methods including biometrics and multi-factor authentication. These steps support current European regulations and prepare for the upcoming eIDAS 2.0 framework.
Source: IDnow
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February 25, 2025 – by the ID Tech Editorial Team
