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.

Using Aggressive Recruitment Tactics

The fraudsters are now employing new tactics, including contacting victims through sponsored social media ads, fake news articles, and fabricated endorsements using public figures.

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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.

According to the FSMA, several of the flagged platforms use pyramid-style recruitment. Victims are encouraged to bring in new investors with promises of referral bonuses, while earlier withdrawals are financed with incoming deposits. The model collapses once recruitment slows.

Platforms Placed on Warning List

The FSMA has added more than 20 websites to its blacklist. These include: Finance Legend, Aurudium, BerryPAX, Boosty Flow, Deal-Traders, Fintradix, HashXCapital, Lamaco (clone), Lesrouleaux, Nobu Invest, Priv-Solutions, ProfitBee, RiseGrandAction, Total-Profits, Windelagence, XH Pro, and others linked to fraudulent activity.

The regulator warns that these sites target investors across Europe and frequently rebrand under new names once discovered.

The FSMA urges anyone affected to act immediately. Victims should stop all payments and communication with the platform, inform their bank, and file reports with both law enforcement and the FSMA. They should also collect evidence such as emails, transaction records, and screenshots.

The regulator also warns against so-called “recovery room” scams, where fraudsters contact previous victims and offer to recover lost funds for an upfront fee. These operations are often run by the same networks behind the original fraud.

Source: Finance Magnates