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FSMA Receives 1,279 Investment Fraud Reports from Consumers in H2 2024

2025-01-17 BrokersView

The Belgian Financial Services and Markets Authority (FSMA) has released its second half-yearly report for 2024, detailing statistics and significant trends regarding investment fraud. The report also includes comprehensive figures for the entire year.

 

In H2 2024, the FSMA handled 633 consumer reports related to cryptocurrency scams or fraudulent trading platforms, accounting for nearly half of the 1,279 total fraud reports.

 

source: FSMA

 

Belgian consumers collectively reported losses of €15,904,356.38 due to fraud between July and December 2024. Notably, more than 80% of this amount, over €12.5 million, was lost to fraudulent trading platforms, most often linked to cryptocurrency investments.

 

source: FSMA

 

Recovery room frauds, which saw Belgian consumers losing €614,293.87, increased by 57% compared to the second half of 2023. Victims, hoping to recover previously lost funds, ended up suffering even greater financial losses.

 

In 25 identified scam cases over the past six months, fraudsters used fake email addresses, documents, and websites mimicking the FSMA. These fraudsters falsely claimed that the FSMA could help victims recover their lost money, demanding compensation or tax payments in return.

 

The report highlighted that 2024 set a new record for reports of unlawful activities or fraud submitted to the FSMA, with a total of 2,621 reports, marking a 20% increase from 2023.

 

source: FSMA

 

Throughout 2024, the FSMA issued 16 warnings concerning 297 fraudulent entities and 396 websites, with more than 60% of these being fraudulent trading platforms.

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