JPMorgan and Saxo Bank Impersonated: Belgium's FSMA Warns Public About Fraudulent WhatsApp Groups

On December 12, Belgium's Financial Services and Markets Authority (FSMA) issued another public warning regarding fraudulent WhatsApp investment groups.

The FSMA stated it has received increasing reports about suspicious WhatsApp groups where fraudsters share so-called "exclusive investment tips" or promote trading applications. Despite multiple warnings issued by the Belgian regulator, similar groups continue to emerge on social media.

Advertisements for these WhatsApp groups are frequently placed on social media platforms like Facebook and Instagram, claiming to share exclusive financial analysis and lucrative investment tips. Financial consumers who click the links are directed to join the groups.

These advertisements often misuse the names and logos of well-known banks or news services, while group administrators impersonate economists or CEOs from investment firms. These financial services companies’ information may be misused:

Axiom Investors

Candriam

Harbor Financing

JP Morgan

Saxo Bank

Schwartz School of Business

Stifel Strategie Consulting Partners

Administrators of these suspicious groups may:

• Encourage consumers to participate in lotteries, thereby obtaining their personal information;
• Urge consumers to purchase specific US-listed stocks in attempts to manipulate share prices;
• Promote fraudulent cryptocurrency trading applications to consumers.

Once fraudsters establish contact with potential victims, they redirect them to the following websites:

candriambel.com

harborconsult.com

h5.zvjnfdj.com

saxoandroid.top

schwbss.com

wavesolution.com

web.novaluminous.net

Related fraudulent trading apps include:

CAD INT

HarborFin

JP INVS

Novafms Pro

SiteflGX

SSB Pro

The Belgian regulator advises victims to cease trading immediately, refrain from depositing more funds, and avoid providing additional personal or financial information. Victims should also break off contact with fraudsters to prevent manipulation and further financial loss.

Investors should immediately notify their banks and report the fraud to regulators. Retain all communication and transaction records.

Additionally, victims should be vigilant against "recovery room" scams, where fraudsters demand fees under the guise of offering fund recovery services.

BrokersView reminds you

The Belgian Financial Services and Markets Authority (FSMA) was established on April 1, 2011, and jointly regulates the country's financial sector with the National Bank of Belgium (NBB).

Find more FSMA-regulated brokers.