The Belgian authority for financial services and markets has warned the public to be aware of fraudulent trading platforms that promise "quick and easy" returns.
The Financial Services and Markets Authority (FSMA) has published a list of suspicious trading platforms, and says it "strongly advises against" responding to any offers made by them.
The list, published on the FSMA website (fsma.be), also includes several websites which are known to have put consumers in touch with fraudulent trading platforms.
"These platforms are all over the internet, trying to lure investors with promises of quick and easy earnings. However, behind these tantalising offers, there are often sophisticated scams that can lead to significant losses," the authority warned.
How the fraudulent platforms work
The FSMA says that fraudsters are using various techniques to contact victims, from fake news articles about celebrities and online advertisements, to fake accounts on social media and dating apps or even Whatsapp and text messages.
The authority warns that platforms will try to attract investors by promising very high returns in a short time, which are often unrealistic.
People are encouraged to register with a platform and deposit funds to their trading account, beginning with a small sum. In some cases fraudsters will offer to help victims to register by remotely taking over their computer, which allows them to use viruses and spyware.
Once money has been deposited, the platform can show victims fictitious earnings from their investment, while in reality the funds have not been invested. Scammers then follow up and pressure people to to invest more money, with repeated phone calls, time-limited offers or threats.
Fraudsters then make it impossible for victims to withdraw any significant amount from their "investment earnings", and eventually the fraudulent platform disappears with all the investor's money.
What to do if you have fallen victim?
If you feel you have fallen victim to a fraudulent trading scheme, the FSMA advises you to halt all transactions and break off contact with the platform, and urgently report the fraud to your bank and the authorities.
The FSMA also advises to gather all evidence of communication with the platform to help report the fraud, and to be aware of "recovery rooms" where known victims of scams are contacted by fraudsters offering to help them recover lost money for a fee.
