Belgium’s financial regulatory body, the Financial Services and Markets Authority (FSMA), has released its mid-2024 report, highlighting a notable surge in fraudulent activities, especially in trading platforms and cryptocurrency schemes. In the first half of 2024, nearly half of the 1,332 consumer reports received were related to these scams, marking a 44% increase from the same period last year. Particularly alarming was the spike in recovery room fraud, which soared by 59% compared to the previous year. This type of deception involves fraudsters contacting previous victims of investment scams, impersonating lawyers, investigators, or regulatory officials offering aid in reclaiming lost investments. Exploiting victims’ urgency to recover funds, these criminals typically demand upfront payments or sensitive personal details.
During this period, FSMA issued nine new warnings concerning 187 fraudulent entities and 239 websites. Additionally, two thematic warnings were issued on shadow investing and unauthorized use of FSMA’s name. FSMA’s proactive stance and efforts in educating consumers underscore the persistent challenges in combatting cryptocurrency-related fraud and safeguarding investors from evolving fraudulent schemes.
