The Financial Services and Markets Authority (FSMA)
publishes a dashboard providing statistics and trends on investment fraud. The
second semester of 2024 report highlights that cryptocurrency scams and
fraudulent trading platforms continue to account for about half of all reported
fraud cases.
FSMA Receives 2,621 Fraud Reports in 2024
In the second half of 2024, Belgian consumers reported
losses of €15.9 million due to fraud, with over €12.5 million attributed to
fraudulent trading platforms, primarily related to cryptocurrency investments.
Another €1.6 million was lost to fraudulent portfolio management offers.
In 2024, the FSMA received 2,621 reports of unauthorized
activities, a 20% increase compared to 2023. The FSMA also issued 16 warnings
concerning 297 fraudulent entities and 396 websites throughout the year.
FSMA Warns Against Recovery Room Fraud
A
rising concern is “recovery room” fraud, where victims of initial
investment fraud are targeted again. Fraudsters contact these victims offering
services to recover lost funds, often asking for upfront payments . The FSMA
warns against paying any fees to recover funds, sharing personal information,
or granting remote access to devices.
These fraudsters may operate under the guise of law firms or
financial authorities and often use fake documents, websites, and email
addresses to deceive victims. The FSMA reported 25 such scams in the last six
months, noting a 57% increase in recovery room fraud cases from 2023 to 2024.
The FSMA has alerted the public and worked with judicial authorities and web
hosts to combat these scams.
The Financial Services and Markets Authority (FSMA)
publishes a dashboard providing statistics and trends on investment fraud. The
second semester of 2024 report highlights that cryptocurrency scams and
fraudulent trading platforms continue to account for about half of all reported
fraud cases.
FSMA Receives 2,621 Fraud Reports in 2024
In the second half of 2024, Belgian consumers reported
losses of €15.9 million due to fraud, with over €12.5 million attributed to
fraudulent trading platforms, primarily related to cryptocurrency investments.
Another €1.6 million was lost to fraudulent portfolio management offers.
In 2024, the FSMA received 2,621 reports of unauthorized
activities, a 20% increase compared to 2023. The FSMA also issued 16 warnings
concerning 297 fraudulent entities and 396 websites throughout the year.
FSMA Warns Against Recovery Room Fraud
A
rising concern is “recovery room” fraud, where victims of initial
investment fraud are targeted again. Fraudsters contact these victims offering
services to recover lost funds, often asking for upfront payments . The FSMA
warns against paying any fees to recover funds, sharing personal information,
or granting remote access to devices.
These fraudsters may operate under the guise of law firms or
financial authorities and often use fake documents, websites, and email
addresses to deceive victims. The FSMA reported 25 such scams in the last six
months, noting a 57% increase in recovery room fraud cases from 2023 to 2024.
The FSMA has alerted the public and worked with judicial authorities and web
hosts to combat these scams.
This post is originally published on FINANCEMAGNATES.
