The Belgian Financial Services and Markets Authority has reported a rise in fraudulent WhatsApp groups offering so-called “exclusive investment tips.” Fraudsters use these groups to promote fake trading apps and manipulate share prices. They often pose as well-known institutions, including Saxo Bank and JP Morgan.

Back in August, the FSMA warned of a rise in fraudulent investment schemes on social media platforms, including Facebook and Instagram. Scammers use misleading ads to lure users into WhatsApp groups claiming to offer exclusive investment advice.

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These ads often impersonate well-known banks, media outlets, or public figures. Inside the groups, individuals may be pressured to provide personal data, buy specific shares, or download fake trading apps.

FSMA Warns of WhatsApp Investment Scams

The FSMA said it has published several warnings but noted the phenomenon “is still on the rise on social media.” Consumers are typically targeted through social media advertisements, often on Facebook or Instagram.

These ads claim that the groups provide exclusive financial analyses and profitable investment tips. Many ads use the logos and names of well-known banks and news services without permission.

Once added to the groups, consumers are contacted by individuals posing as prominent economists or CEOs of investment firms. The FSMA highlighted that these are cases of identity theft.

Inside the groups, members are encouraged to join lotteries, likely to collect personal data, and urged to buy specific U.S. listed shares, apparently as part of “pump and dump” operations. Fake cryptocurrency trading apps are also promoted.

FSMA Lists Unlawful Investment Websites Belgium

The FSMA identified several other institutions whose names were misused, including Appollo Global Management, Axiom Investors, Candriam, Harbor Financing, Schwartz School of Business, and Stifel Strategie Consulting Partners. The regulator emphasized that these groups have no connection to any authorized institution.

The FSMA has added these websites to its list of companies operating unlawfully in Belgium and advised consumers to verify providers through its “Check your provider” page.