The Belgium Financial Services and Markets Authority (FSMA) issued a warning after receiving increasing reports of dubious WhatsApp groups where fraudsters share supposed exclusive investment tips or promote fraudulent trading applications. The FSMA added Nanolite Foundation (nanolite-foundationnlf.com) and app brands BLRKX, GS FLUX, LSCINV, NLF INT, SFM VALOR, SXMKT and UNIVLP to its list of companies operating unlawfully in Belgium, and pointed consumers to its Check your provider tool to verify authorisation. The fraud typically begins with social media adverts, often on Facebook or Instagram, that direct consumers to WhatsApp groups promoted using stolen names and logos of well-known banks and news services. Group administrators impersonate prominent economists or investment firm CEOs, encourage participation in lotteries that appear aimed at obtaining personal data, urge purchases of specific US-listed shares in what the FSMA describes as a pump-and-dump operation, and promote fake cryptocurrency trading apps. Reported impersonations include Bruno Colmant and Peter Praet, while fraudsters also falsely claim links to authorised providers including Bolero (KBC Bank NV), Loomis Sayles (Netherlands) B.V., SFM UK Management LLP, Universa Investments LP and Williams Jones Wealth Management LLC. The FSMA advised consumers to leave such groups immediately, block the administrator and avoid following the tips or downloading promoted apps, warning of fictitious investments and potential malware. Victims should stop transferring money, contact their bank, report the fraud to the FSMA and police, retain evidence of communications and transactions, and be cautious of paid recovery approaches that may be further fraud.

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