The FSMA warns against a bunch of new fraudulent trading platforms in Belgium.
Victims are lured by fake promises, unable to withdraw funds later.
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.
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.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
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Looking to expand your network in #Africa?
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20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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