The Financial Services and Markets Authority (FSMA) has released an updated warning regarding fraudulent online trading platforms targeting Belgian citizens. The regulator added 17 new platforms to its list, a mix of crypto and FX/CFD trading providers.

FSMA Issues Warning on New Wave of Fraudulent Trading Platforms

According to the FSMA, these trading platforms use social media and online ads to lure potential victims with promises of easy money through cryptocurrency trading, trading bots, or training programs. After providing personal information, victims are pressured by "experts" and "traders" to invest more money, which eventually disappears.

Some of the new entities named in the warning include Bit 2.0 Urex, Bitcoin 360 AI, BitiCodes, BitIQ, and Immediate Connect. The full list is available on the FSMA website. The regulator traced many victims back to entering contact information on these platform's websites.

"Everything seems fine. You even manage to recover part of your earnings. However, when you try to make subsequent withdrawals, unexpected problems emerge. You will have to pay unforeseen 'taxes', to which additional fees are added," the FSMA has warned against the common fraudsters' practices.

The FSMA has published guidance on how to detect investment fraud, including videos and flowcharts showing the typical scam progression. Anyone who believes they have fallen victim to one of these platforms can file a complaint directly with the FSMA or the police.

Scammers Pose as Major Banks to Defraud Unsuspecting Consumers

Several months ago, the FSMA alerted the public to a growing trend where fraudsters mimic leading banks, a concern that has been on the radar since 2021. According to the authority, this form of deception is increasingly prevalent.

These fraudsters employ various strategies, reaching out to potential victims via phone or email, particularly those who have disclosed their contact information through social media or promotional advertisements. They entice their targets with the prospect of substantial returns and guaranteed capital through attractive investment opportunities, as stated in a recent announcement by the FSMA.

The Belgian regulatory body has reported a surge in complaints about individuals posing as reputable financial entities, such as BGL BNP Paribas Fortis, Bunq, Fineco, Revolut-épargne, Triodos, and the London Stock Exchange . These con artists craft email addresses that mimic those of actual banks to mask their fraudulent activities.