The Belgian Financial Services and Markets Authority has published its dashboard for the second half of 2025, showing an increase in consumer fraud and losses. The report highlights evolving fraud methods, financial damage, and measures taken by the FSMA to protect investors.

Belgian Fraud Reports Surge, Crypto Dominates

Belgian consumers submitted 2,911 reports of unlawful activity in 2025, an 11% rise compared with 2024. Since 2017, fraud reports have grown by nearly 20% per year on average.

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Cryptocurrency-related scams and fraudulent trading platforms were the most common, accounting for almost half of all cases.

€23.4M Lost to Fraudulent Investments

Reported losses in the second half of 2025 exceeded €23.4 million. More than €10.5 million were lost to fraudulent trading platforms, largely connected to cryptocurrency investments.

A new type of WhatsApp scam, offering “exclusive investment tips,” accounted for €9.5 million in losses over six months.

WhatsApp “Exclusive Tips” Scams

Fraudsters created WhatsApp groups advertised on Facebook and Instagram, impersonating banks or news outlets. Tactics included fake lotteries to steal personal data, “pump and dump” schemes on U.S. stocks, and fraudulent cryptocurrency trading apps.

The FSMA received 263 reports of this type of scam. Around 60% of victims had already sent money. The average loss was €73,000, with some losing hundreds of thousands. Most victims were Dutch-speaking men aged 50–69.

FSMA Warnings and Enforcement

In 2025, the FSMA issued warnings against 240 fraudulent entities and 316 websites. More than 65% of these were fraudulent trading platforms. The authority also submitted requests to judicial authorities to block access to fraudulent sites.

Belgian Authority Uses BAPS

The FSMA advises investors to verify companies and offers through its website and to report suspicious activity using FSMA contact forms. It participates in awareness initiatives, including the “Beware of Fraud” campaign and the Belgian Anti-Phishing Phishing Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than techno Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than techno Read this Term Shield. Since May 15, 245 fraudulent sites have been added to BAPS, redirecting 22,973 unique IPs to FSMA warning pages.

Fraud in Belgium is growing in both scale and sophistication, particularly via WhatsApp scams targeting older Dutch-speaking investors. The FSMA continues to use warnings, judicial actions, and public awareness campaigns to reduce consumer exposure.