Belgian Investors Lost €23M to Scams in 2025 Surge

Belgian investors lost more than €23 million to fraudulent investment schemes and illegal financial offers during the second half of 2025, according to new data from the Financial Services and Markets Authority (FSMA). The regulator attributed much of the surge to bogus cryptocurrency trading sites and fast-spreading scams promising “exclusive investment tips” through WhatsApp groups.

Between July and December, the FSMA received 1,622 consumer complaints linked to unauthorized financial offers—an alarming rise not only in cases but also in the average loss per victim. The trend points to increasingly sophisticated and coordinated fraud networks targeting consumers online.

Crypto Platforms Lead in Losses

Fake trading platforms were responsible for the heaviest toll, draining more than €10.5 million from victims. Many of these operations masqueraded as legitimate cryptocurrency or investment services, enticing users through slick advertisements that encouraged quick fund transfers. Despite often appearing professional, these platforms operated without any regulatory approval.

WhatsApp “Tip” Scams on the Rise

A newer wave of deception—WhatsApp groups sharing supposedly privileged stock market tips—proved almost as damaging. Losses tied to these schemes exceeded €9.5 million over the same six-month period, making them one of Belgiums fastest-growing financial frauds.

The FSMA detailed how these scams typically begin with social media ads on platforms like Facebook and Instagram. Users are invited to join exclusive WhatsApp groups that promise insider stock advice or unusually high returns. To appear credible, the ads frequently misuse the names and branding of reputable banks, financial firms, or news outlets.

Inside these groups, participants are bombarded with messages from fake financial analysts or executives. Many of these identities are stolen or entirely fabricated. Members are sometimes urged to take part in fake lotteries that harvest personal information, buy specific U.S. stocks as part of price manipulation schemes, or install malicious apps posing as crypto trading tools—all with the goal of extracting money or sensitive data.

The typical victim, according to the FSMA, is a Dutch-speaking man aged 50 to 69—an age group often possessing higher savings and confidence in online investing. Reported losses averaged around €73,000, with some cases reaching several hundred thousand euros. In just six months, 263 reports were filed on these WhatsApp scams, and roughly 60% of victims had already transferred funds before seeking help.

Other Scams Add to the Toll

Beyond crypto and messaging-app schemes, the FSMA also logged significant losses from fake credit offers, fraudulent portfolio management services, and “recovery room” scams—where con artists promise to recover previous losses for a fee. Recovery scams alone cost consumers nearly €860,000, while deceptive alternative investment schemes contributed another €700,000 in damage.

Fraud Reports Keep Rising

Across 2025, the FSMA recorded a total of 2,911 reports of unlawful financial activity—an 11% increase from 2024 and a continuation of a trend that has grown nearly 20% per year since 2017. Monthly data shows sharp spikes in autumn, with October marking the peak of reported offenses. The regulator linked these surges to coordinated advertising pushes and periods of market instability that often leave investors more vulnerable to risky offers.

Crackdown and Consumer Warnings

In response, Belgian authorities issued warnings against 240 fraudulent entities and 316 websites throughout 2025, more than 65% of which were tied to fake trading platforms. The FSMA urged consumers to remain skeptical of unsolicited investment proposals, particularly those spread through social media or private messaging apps.

The regulator also stressed the importance of verifying whether a firm is authorized before transferring any funds and pledged to keep working with international partners to track and dismantle cross-border fraud operations that continue to evolve across digital platforms.