Regulator Says These 17 Trading Platforms Are Stealing Your Money

Regulator Says These 17 Trading Platforms Are Stealing Your Money

Time Stamp: February 14, 2024 5:19 AM
Regulator Says These 17 Trading Platforms Are Stealing Your Money PlatoBlockchain Data Intelligence. Vertical Search. Ai.

The
Financial Services and Markets Authority (FSMA) has released an updated warning
regarding fraudulent online trading platforms targeting Belgian citizens. The
regulator added 17 new platforms to its list, a mix of crypto and FX/CFD trading
providers.

According
to the FSMA, these trading platforms use social media and online ads to lure
potential victims with promises of easy money through cryptocurrency trading,
trading bots, or training programs. After providing personal information,
victims are pressured by “experts” and “traders” to invest
more money, which eventually disappears.

Some of the
new entities named in the warning include Bit 2.0 Urex, Bitcoin 360 AI,
BitiCodes, BitIQ, and Immediate Connect. The full list is available on
the FSMA website. The regulator traced many victims back to entering
contact information on these platform’s websites.

Source: FSMA

“Everything
seems fine. You even manage to recover part of your earnings. However, when you
try to make subsequent withdrawals, unexpected problems emerge. You will have
to pay unforeseen ‘taxes’, to which additional fees are added,” the FSMA has warned against the common fraudsters’ practices.

The FSMA
has published guidance on how to detect investment fraud, including videos and
flowcharts showing the typical scam progression. Anyone who believes they have
fallen victim to one of these platforms can file a complaint directly with the
FSMA or the police.

Scammers Pose as Major
Banks to Defraud Unsuspecting Consumers

Several
months ago, the FSMA alerted the public to a growing trend where fraudsters
mimic leading banks, a concern that has been on the radar since 2021. According
to the authority, this form of deception is increasingly prevalent.

These
fraudsters employ various strategies, reaching out to potential victims via
phone or email, particularly those who have disclosed their contact information
through social media or promotional advertisements. They entice their targets
with the prospect of substantial returns and guaranteed capital through
attractive investment opportunities, as stated in a recent announcement by the
FSMA.

The Belgian
regulatory body has reported a surge in complaints about individuals posing as
reputable financial entities, such as BGL BNP Paribas Fortis, Bunq, Fineco,
Revolut-épargne, Triodos, and the London Stock Exchange . These con artists
craft email addresses that mimic those of actual banks to mask their fraudulent
activities.

The
Financial Services and Markets Authority (FSMA) has released an updated warning
regarding fraudulent online trading platforms targeting Belgian citizens. The
regulator added 17 new platforms to its list, a mix of crypto and FX/CFD trading
providers.

According
to the FSMA, these trading platforms use social media and online ads to lure
potential victims with promises of easy money through cryptocurrency trading,
trading bots, or training programs. After providing personal information,
victims are pressured by “experts” and “traders” to invest
more money, which eventually disappears.

Some of the
new entities named in the warning include Bit 2.0 Urex, Bitcoin 360 AI,
BitiCodes, BitIQ, and Immediate Connect. The full list is available on
the FSMA website. The regulator traced many victims back to entering
contact information on these platform’s websites.

Source: FSMA

“Everything
seems fine. You even manage to recover part of your earnings. However, when you
try to make subsequent withdrawals, unexpected problems emerge. You will have
to pay unforeseen ‘taxes’, to which additional fees are added,” the FSMA has warned against the common fraudsters’ practices.

The FSMA
has published guidance on how to detect investment fraud, including videos and
flowcharts showing the typical scam progression. Anyone who believes they have
fallen victim to one of these platforms can file a complaint directly with the
FSMA or the police.

Scammers Pose as Major
Banks to Defraud Unsuspecting Consumers

Several
months ago, the FSMA alerted the public to a growing trend where fraudsters
mimic leading banks, a concern that has been on the radar since 2021. According
to the authority, this form of deception is increasingly prevalent.

These
fraudsters employ various strategies, reaching out to potential victims via
phone or email, particularly those who have disclosed their contact information
through social media or promotional advertisements. They entice their targets
with the prospect of substantial returns and guaranteed capital through
attractive investment opportunities, as stated in a recent announcement by the
FSMA.

The Belgian
regulatory body has reported a surge in complaints about individuals posing as
reputable financial entities, such as BGL BNP Paribas Fortis, Bunq, Fineco,
Revolut-épargne, Triodos, and the London Stock Exchange . These con artists
craft email addresses that mimic those of actual banks to mask their fraudulent
activities.

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