Belgium’s Financial Services and Markets Authority (FSMA) has issued a fresh warning to the public after uncovering a growing network of fraudulent online trading platforms targeting European investors.
The regulator says the schemes promise fast profits but rely on deception, pressure tactics, and fake trading dashboards to steal funds from unsuspecting users.
Other schemes exploit dating apps, WhatsApp messages, or so-called investment “clubs” to initiate contact. In many cases, scammers pose as financial advisers or acquaintances who claim to offer private earning opportunities.
Once victims engage, they are urged to sign up on professional-looking trading platforms and deposit an initial sum, often around €250. Some scammers request remote access to victims’ devices to “assist” with account setup, a move that exposes bank logins and personal data to cyber theft.
After the first deposit, victims are shown simulated profits to create the illusion of successful trading. In reality, no trades take place. Fraudsters use this illusion to pressure victims into investing more money. The FSMA notes that high-pressure phone calls, time-bound offers, and intimidation are common tactics.
Withdrawals expose the fraud. Victims who request their funds face delays and are told to pay invented taxes or fees. In most cases, the platform blocks withdrawals and cuts contact once victims resist further payments.