Between July and December 2025, Belgians reported more than €23 million in losses to the FSMA, the Belgian financial regulator, from investment fraud alone. Victims are not naive: they are rushed, poorly informed or trusting. Here are the most common scams and the reflexes that protect you, wherever you live.
The scale of the problem in Belgium
- 2,911 reports of irregular activities received by the FSMA in 2025, about 11% more than in 2024.
- €23.4 million in reported losses in the second half of 2025 alone.
- More than €9.5 million lost in six months through fake WhatsApp ‘stock tips’ groups.
- In the first half of 2026, fake trading platforms and crypto scams still accounted for nearly half of all reports.
The most common scams
Fake trading and crypto platforms
An ad on Facebook or Instagram, often with a photo of a celebrity, leads to a professional-looking platform. An ‘adviser’ calls you, gets you to deposit €250, shows you fictitious gains, then pushes you to pay in more. The day you want to withdraw, you have to pay ‘fees’ or ‘taxes’. The money never comes back.
- AdvertA celebrity ‘recommends’ a platform
- First deposit€250 ‘to try it out’
- Fake gainsThe account shows profits
- PressureAn adviser pushes you to pay in more
- Withdrawal blockedYou must pay ‘fees’: the money never comes back
WhatsApp stock-tip groups
You are invited into a group run by a fake professor or a fake analyst from a well-known bank. The first tips seem to work. Then you are pushed towards a small, thinly traded stock whose price is artificially inflated, and the organisers sell: this is the pump and dump. The price collapses, and you are left with worthless shares.
Fake loans
About one report in five concerns a loan offered by a fake lender, who asks for ‘processing fees’ before paying out a loan that never arrives.
Ponzi schemes and pyramids
Early participants are paid with the money of those who come after. It works as long as newcomers keep flowing in, then it all collapses. Modern versions hide behind ‘clubs’, ‘trading bots’ or ‘staking programmes’. Read how to recognise a pyramid scheme.
Romance investment scams
A relationship develops online over weeks. Then the person introduces you to ‘their’ investment platform. It is a fake platform, and often a fake person.
Recovery scams
After a first scam, someone contacts you promising to recover your money, for a fee. It is almost always the same team striking a second time.
Miracle courses
Not always illegal, but worth watching: courses costing several thousand euros promising ‘guaranteed’ income from trading, dropshipping or artificial intelligence. The trainer mainly earns by selling the course.
The 12 warning signs
- A guaranteed return, or one far higher than banks offer.
- Urgency: ‘the offer ends tonight’, ‘limited places’.
- An unsolicited first contact: call, message, advert.
- A celebrity who ‘recommends’ the product.
- You are asked to install a remote access app (AnyDesk, TeamViewer…).
- Payment is in crypto, by prepaid card or to a foreign account in a private individual's name.
- Your gains are visible on screen but impossible to withdraw without paying first.
- You are asked to keep it secret from your bank or your family.
- Your earnings depend mainly on recruiting other people.
- The company is not listed in any official register.
- The product is vague: you cannot explain in two sentences where the return comes from.
- Reviews are exclusively enthusiastic, and criticism is dismissed as ‘jealousy’.
Checks to make before investing
- Check the FSMA warnings on fsma.be (or your own country's regulator): the company must not appear there, and it must be authorised to offer financial services.
- For crypto, since 1 July 2026, every provider in the EU must be authorised under the European MiCA regulation. Check it in the register of ESMA, the European markets authority.
- Search the company's name followed by ‘scam’, ‘review’, ‘fraud’.
- Check the company in the Crossroads Bank for Enterprises (Belgium) or the business register of the country concerned.
- Wait 48 hours and talk to someone who has no stake in the deal.
‘Where exactly does the money I'll be paid come from?’ If the answer is vague, or comes down to ‘new members’, do not invest.
In Europe and around the world
Every country has its financial watchdog and its blacklist: the AMF in France, the AFM in the Netherlands, the FCA in the United Kingdom, the SEC and the FTC in the United States. The I-SCAN portal of IOSCO, the international organisation of securities regulators, gathers alerts published by regulators worldwide. The scams are the same everywhere: only the language and the face of the celebrity used change.
If you have been a victim
- Stop all payments, even if you are promised your gains will be released.
- Tell your bank immediately: a recent transfer can sometimes still be stopped.
- File a police report and keep all evidence (messages, screenshots, receipts).
- Report the facts to your financial regulator (the FSMA in Belgium) and to your national fraud reporting point.
- Beware of ‘recovery agents’ who will contact you afterwards.
Where to find these services
- FSMA, unauthorised companiesThe Belgian blacklist, to check before any investment
- I-SCAN (IOSCO)Alerts from regulators around the world
- FCA ScamSmart (UK)The British regulator's scam checker
- Belgian fraud reporting point (FPS Economy)To report fraud or a scam in Belgium
- ESMA MiCA registerTo check that a crypto platform is authorised in the EU
Links provided for information, with no partnership. Always check a provider's terms and authorisation before committing.
Test yourself
5 questions to check what you remember. Click an answer: the explanation appears straight away.
Question 1 of 5A platform shows you 40% gains in a month, but demands €500 in ‘fees’ to withdraw. What do you do?
The gains are fictitious and the withdrawal fees are the last stage of the scam.
Question 2 of 5A ‘professor’ invites you to a WhatsApp group of free stock tips. It is probably…
The first tips seem to work, then you are pushed towards a small, manipulated stock.
Question 3 of 5Since 1 July 2026, what must a crypto provider operating in the EU have?
The European MiCA regulation requires this authorisation; the transition period ended on 1 July 2026.
Question 4 of 5After a scam, someone offers to recover your money for a fee. This is…
‘Recovery agents’ are often the same team striking a second time.
Question 5 of 5Which question best protects you against a scam?
If the answer is vague or comes down to ‘new members’, stay away.
Frequently asked questions
How can you tell if an investment platform is a scam?
Check that it is authorised (the FSMA in Belgium, the ESMA register for crypto in the EU), consult your regulator's warning list, and be wary of guaranteed returns, urgency and unsolicited contact.
What should I do if I have been scammed online?
Stop all payments, tell your bank, file a police report, report the facts to your financial regulator and national fraud reporting point, and ignore offers to recover your funds.
Can you get back money lost in a crypto scam?
Rarely, especially if the funds were sent in crypto or abroad. The faster you contact your bank, the better the chances. Companies that promise to recover your funds for a fee are usually scammers themselves.
What is a pump and dump?
A manipulation in which organisers buy a small stock, push other investors to buy it to drive up the price, then sell at the top. The price collapses and the last buyers lose their money.
Sources
This article is educational and is not personal investment, tax or legal advice. Figures change: check them with the sources cited or a licensed professional before deciding. Read the full disclaimer.