Belgium Financial Services and Markets Authority warns consumers about 18 newly identified fake online lenders

The Belgium Financial Services and Markets Authority (FSMA) issued a public warning about unauthorized lenders offering fake credit to Belgian consumers online and identified 18 newly detected fraudulent firms. The FSMA said the scams typically involve “cloned firm” fraud, where fraudsters claim to be authorized lenders or registered credit intermediaries and may misuse the names or logos of well-known credit institutions. The offers feature unusually attractive terms such as large loans at low interest rates and “no credit check”, but victims are asked to pay upfront “costs” such as insurance premiums or administrative fees which the FSMA describes as fictitious, after which the purported lender disappears. The FSMA advised consumers to be wary of unsolicited approaches, unrealistic credit conditions, and any request for advance payments, and to verify a lender’s authorization or registration via the search function on the FSMA’s website.