Belgium's FSMA: Crypto and Trading Platform Scams Account for Nearly Half of Fraud Reports in H1 2026

Fraudulent trading platforms and cryptocurrency-related scams remained the largest source of investment fraud reported to Belgium's Financial Services and Markets Authority (FSMA) during the first half of 2026, according to the regulator's latest half-yearly fraud dashboard.

The FSMA said these scams accounted for nearly half of all consumer fraud reports received during the period. Victims collectively reported losses exceeding €8.5 million, highlighting the continued prevalence of fraudulent online investment schemes targeting retail investors.

The regulator also identified false stock tips distributed via WhatsApp as another major source of losses. Consumers reported losing more than €2 million to these scams, which first emerged in the summer of 2025 and often involved substantial investments. While the fraud category has claimed numerous victims, the FSMA noted a sharp decline in complaints since February 2026.

In addition, the watchdog warned that fake credit scams continue to pose a significant threat, accounting for around 20% of all fraud reports received during the reporting period.

The dashboard forms part of the FSMA's efforts to combat unlawful financial activities by tracking fraud trends and raising public awareness. The regulator continues to urge consumers to verify the legitimacy of investment providers before transferring funds and to remain cautious of unsolicited investment offers promoted through online platforms and messaging applications.

The FSMA's findings underscore the evolving tactics used by fraudsters, with online trading platforms, cryptocurrency schemes and messaging-based investment scams remaining key risks for retail investors.