Title: “BE Careful: Cybercriminals Clone Belgian Firms and Offer Fraudulent Investment Services”

Investment Scams Involving Identity Theft of Authorized Companies on the Rise

The Financial Services and Markets Authority (FSMA) in Belgium has warned of an increase in investment scams where cybercriminals steal the identities of authorized companies to offer fraudulent investment services.

How Identity Theft Works

1. Scammers steal the names, logos, and information of legitimate companies to appear as legitimate financial entities.
2. They create fake websites and emails to deceive individuals into believing they are dealing with a legitimate firm.
3. Consumers are directed to official websites, such as the FSMA’s or the French Autorité de Contrôle Prudentiel et de Résolution (ACPR), to add legitimacy.

Fraudsters’ Tactics

Scammers may manipulate consumers’ trust by providing links to official websites. However, they are deceitful imposters.

Consumer Reports

Many Belgian consumers have reported cases where they were directed to the French REGAFI website or the Belgian FSMA website to verify the authenticity of the firms. Fraudsters use this manipulation to create a false sense of security, leading unsuspecting victims to open accounts on their platforms.

Context

Identity theft scams can occur under various types of investment fraud. Recently, the FSMA has issued a warning about investment schemes involving cryptocurrencies as this practice seems particularly prevalent in that domain.

Avoiding the Trap

Due to the potential difficulty in detecting these fraudulent practices, the FSMA advises consumers to take the following steps:

1. Check the contact details provided by the firm against those listed on the FSMA’s website. Be skeptical of any differences.
2. Verify that there is no other website with a similar name.
3. Compare the information provided by the firm with the facts. For instance, if the firm claims to be based in Belgium but is contacting you from a foreign phone number, that is a red flag.
4. Use online tools to assess the age of the firm’s website. If it is new, consider it a potential warning sign.
5. If you have any doubts, contact the FSMA’s consumer services using the contact form available on their website.

Stay vigilant, and avoid becoming a victim of identity theft.