Belgian Investors Lose €38.3 Million as WhatsApp “Exclusive Advice” Scams Accelerate

Belgian consumers lost €38.3 million to financial fraud in 2025, according to the Financial Services and Markets Authority (FSMA). Losses were split between €14.9 million in the first half of the year and €23.4 million in the second half, reflecting a steady rise in fraudulent activity.

The FSMA received 2,911 complaints over the year, continuing a trend of increasing reports since 2017. The largest portion of losses came from fraudulent trading platforms, which alone accounted for more than €10.5 million in the second half. Most of these cases involved fake cryptocurrency investments, highlighting the ongoing risks in digital asset markets.

In total, the regulator issued warnings about 240 fraudulent entities and 316 deceptive websites. A particularly concerning trend emerged in the second half of 2025: “exclusive advice” scams conducted via WhatsApp groups. These schemes alone resulted in €9.5 million in losses between July and December, affecting 263 victims with an average loss of €73,000 per person.

The scam typically targeted Dutch-speaking men aged 50 to 69. It began with social media advertisements promoting WhatsApp groups offering “exclusive” financial market insights and investment tips. Victims were then lured into manipulated investment schemes, including rigged lotteries, pump-and-dump stock trades, or downloading fake cryptocurrency trading apps.

These developments underscore the evolving tactics of fraudsters in exploiting both digital platforms and social networks. BrokersView reminds investors to remain vigilant: verify the regulatory status of any financial service provider, approach unsolicited advice with skepticism, and avoid transferring funds to unverified schemes. Brokers and financial intermediaries should also enhance client due diligence and educate their customers on emerging online fraud patterns, as digital channels continue to be exploited for large-scale financial deception.