Belgians lose €15 million to investment fraud in six months

Belgians lost at least 15 million euros to online investment fraud in the first half of this year, according to financial regulator FSMA. With losses rising, Belgium’s Cybersecurity Centre (CCB) and its partners have launched a major awareness campaign.

Fraudsters often approach victims with unsolicited, convincing offers of quick returns, using phone calls, emails, social media and increasingly WhatsApp. Scams typically begin with a small investment of around 250 euros but can quickly escalate. Victims lost an average of 37,777 euros this year.

“Artificial intelligence makes these scams harder to spot, as texts and pitches look more polished”, said CCB director Miguel De Bruycker. Some criminals even strike twice, posing as experts who promise to recover stolen money.

The new campaign features “Bill”, a fictional character who invests in a fake platform. Versions of Bill will target two groups most at risk: 40- to 70-year-olds, and young adults. Around 1 million euros is being spent on advertising. The goal is to reach 40 per cent of the population.

Tips include checking whether providers are licensed, avoiding rash decisions, and treating requests for crypto or foreign payments as red flags.

FSMA chair Jean-Paul Servais highlighted new measures against fraud, including a system that redirects visitors of fraudulent sites to warning pages. Nearly 25,000 people have already been alerted. He also pointed to improved cooperation with prosecutors.

^{Illustration photo © AFP PHOTO / DANIEL MIHAILESCU}