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.
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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.
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.
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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 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.
It is not the first time that FSMA has issued such a warning. Recently, the regulator flagged suspected online trading platforms functioning like pyramid schemes, using misleading claims of profitability and fabricated
investment dashboards to win the trust of victims.
The platforms initially appear legitimate, but their
model depends on continuously recruiting new investors rather than generating
real trading profits. These schemes typically use deposits from new
participants to pay supposed returns to earlier investors, creating the
illusion of success.
This article was written by Jared Kirui at www.financemagnates.com.
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