An increasing number of Belgian investors are being scammed online, and the Financial Services and Markets Authority (FSMA) is warning that there has been a 25% increase in reports received this year than in the same period last year.
In total, scammers have already taken nearly €11 million through fake investment platforms, which has pushed the FSMA to launch a large-scale awareness campaign.
"Belgians are increasingly finding their way to online investment platforms. Still, they sometimes get off track in their search and end up in the sights of well-organised fraudsters," said the FSMA.
Since the beginning of 2023, some 1,403 reports have already been received about it. That is an average of five per day – a quarter more than in the same period last year. "The reports coming to the FSMA indicate that victims have been conned out of an average of €17,314. The damage is therefore great and makes this form of fraud particularly lucrative for scammers."
Tip of the iceberg
Scammers have already stolen €10.89 million since the beginning of the year. "Because a lot of fraud goes unreported, it is only the tip of the iceberg. Strikingly, many Belgians still think that online fraudsters are usually individuals and that their attempts are often so amateurish that they immediately fall through."
Yet, it is clear that it often concerns increasingly well-organised gangs, which act like a firm, with a call centre, a graphics expert and a manager – often, they even operate internationally. "There is a need for clear and good information to prevent Belgian investors from falling into the hands of such organisations."
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Therefore, the FSMA is launching a large-scale awareness campaign, aimed at people of all ages. "Belgians aged between 40 and 70 fall particularly victim to online fraudsters, but people in their twenties and thirties also fall into the trap."
"Scammers are particularly inventive and use all kinds of – often professional – ways to fool someone and gain their trust," the FSMA said. "By e-mail or phone, via fake advertisements on social media. That is why we also provide useful tips on our website for outsmarting the fraudsters."
More information about the campaign can be found on the website wikifin.be
