Belgium's Financial Services and Markets Authority (FSMA) has issued a warning against 34 newly identified fraudulent lenders offering fake credit to Belgian consumers online. These schemes promise attractive loan terms but require consumers to pay fictitious charges before receiving credit. Once the charges are paid, the purported lender disappears, making recovery of the money nearly impossible. Consumers encounter the offers through unsolicited emails, social media messages and online advertisements. Fraudsters promise large loans at low interest rates without credit checks and claim to be authorized lenders or registered credit intermediaries. Some misuse established institutions' names or logos in “cloned firm” fraud. Demands for advance payments may be presented as insurance premiums or processing and administrative fees. The FSMA advises consumers not to accept these offers and to verify lenders' authorization or registration through its website search function. Online testimonials also warrant caution, as companies may post false positive reviews to gain consumers' trust.
Belgium's Financial Services and Markets Authority warns against 34 newly identified fraudulent online lenders
Belgium's Financial Services and Markets Authority (FSMA) has warned against 34 newly identified fraudulent lenders targeting Belgian consumers online. The operators advertise attractive loans, collect fictitious upfront fees and disappear without providing credit. Consumers should avoid these offers and check lenders' authorization or registration through the FSMA's website.