Belgian Regulator Reports €23 Million in Investment Fraud Losses in H2 2025

Belgian consumers lost more than €23 million to investment fraud and unlawful financial schemes during the second half of 2025, according to figures released by the Financial Services and Markets Authority (FSMA). The regulator said the losses were primarily driven by fake cryptocurrency trading platforms and a rapidly growing wave of fraudulent “exclusive investment tips” spread through WhatsApp groups.

Between July and December 2025, the FSMA received 1,622 reports linked to illegal financial offers. The data indicates not only an increase in the number of cases, but also a rise in the average loss per victim, pointing to more concentrated and professionally organised fraud operations.

Fraudulent trading platforms accounted for the largest share of reported losses, with victims losing more than €10.5 million. These platforms typically present themselves as legitimate crypto investment services while operating without authorisation. The regulator noted that such schemes often rely on aggressive online advertising to pressure users into transferring funds quickly.

A newer scam model involving so-called exclusive stock market tips distributed via WhatsApp caused nearly comparable financial damage. Losses from these schemes exceeded €9.5 million over the same six-month period, making them one of the fastest-growing sources of consumer harm identified by the FSMA.

These scams usually begin with advertisements on social media platforms such as Facebook and Instagram, inviting users to join private WhatsApp groups promising privileged market insights or unusually high returns. To enhance credibility, fraudsters frequently misuse the names, logos, or branding of established banks, financial institutions, or media outlets.

Within these groups, participants are exposed to messages from individuals posing as economists, financial analysts, or senior investment executives. The FSMA said these identities are often stolen or entirely fabricated.

Victims may then be encouraged to take part in fake lotteries designed to collect personal data, urged to purchase specific US-listed shares as part of coordinated price manipulation attempts, or directed to download fraudulent applications claiming to offer crypto trading services. In many cases, the ultimate objective is to induce fund transfers or obtain sensitive personal information for later exploitation.

According to the regulator, the typical victims of WhatsApp-based stock tip scams are Dutch-speaking men aged between 50 and 69, a demographic group often associated with accumulated savings and a greater capacity to invest larger sums.

Average losses per victim were estimated at around €73,000, with several cases involving losses of several hundred thousand euros. In total, the FSMA received 263 reports related specifically to WhatsApp stock tip scams during the second half of 2025, with around 60% of complainants having already transferred funds before contacting the authorities.

Beyond crypto-related and WhatsApp-based schemes, the regulator also recorded losses linked to other forms of financial deception. Fake credit offers, recovery room scams, and fraudulent portfolio management services contributed to the overall damage. Recovery room scams alone resulted in losses of nearly €860,000, while fraudulent alternative investment schemes accounted for more than €700,000.

The FSMA said the overall volume of consumer reports related to unlawful financial activity continues to rise. Across the whole of 2025, the regulator received 2,911 reports, representing an 11% increase compared with 2024. Since 2017, the number of reports has grown at an average annual rate of nearly 20%.

Monthly data showed noticeable clustering, with autumn 2025 recording sharp spikes. October saw the highest number of reports for the year, which the regulator linked to coordinated advertising campaigns and periods of heightened market volatility.

In response, the FSMA issued warnings in 2025 against 240 fraudulent entities and 316 websites, with more than 65% of the warnings related to fake trading platforms. The authority urged consumers to remain cautious about unsolicited investment offers, particularly those promoted through social media or private messaging apps, and to verify whether firms are authorised before transferring funds.