The Belgium Financial Services and Markets Authority (FSMA) issued a public warning about a rising number of fraudulent advertisements on platforms such as Facebook and Instagram that lure users into WhatsApp groups claiming to provide exclusive, highly profitable investment tips. The FSMA describes these schemes as a form of cloned firm fraud in which ads use profiles impersonating well-known financial institutions, news services or celebrities and may first solicit personal and financial information via an online form. Common red flags include promises of unrealistically high risk-free returns, pitches to invest in fictitious initial public offerings or “sure to rise” shares, false scarcity and pressure tactics, and requests to communicate outside official channels via WhatsApp, Telegram or private messages. The authority warns that the goal is to extract money, steer victims into worthless investments, and potentially misuse collected personal data for identity fraud or further scams. The FSMA advises consumers to verify authorisation in the FSMA register, avoid engaging through unofficial messaging channels or providing personal data, and report suspicious ads and profiles to the relevant platform. Victims are urged to stop transactions and contact, inform their bank, report to the FSMA and police, preserve evidence of communications and transactions, and be cautious of “recovery room” approaches offering paid help to recoup losses.

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