FSMA: Scammers Pose as Major Banks to Defraud Unsuspecting Consumers

Monday, 09/10/2023 | 19:23 GMT by Jared Kirui

Victims are lured with promises of high returns but end up losing their money.

The FSMA has issued warnings about fraudsters who use fake bank identities.

Scammers have found a new way to deceive unsuspecting consumers by impersonating major banks despite repeated warnings dating back to 2021, the Financial Services and Markets Authority (FSMA) announced, adding that this type of fraud is on the rise.

These criminals use different tactics, such as contacting potential victims through phone or email, often after they share their contact details via social media or sponsored ads. The culprits promise their victims significant profits and capital protection through appealing savings plans, the FSMA said in a statement published today (Monday).

FSMA Uncovers Deceptive Email Addresses

The Belgian regulator said it had recently received numerous reports of scammers operating under the identity of well-known financial institutions, including BGL BNP Paribas Fortis, Bunq, Fineco, Revolut-épargne, Triodos, and the London Stock Exchange.

These impostors use email addresses that end with those that resemble legitimate banks to conceal their deceit, such as:

BGL BNP Paribas Fortis, @bglgestionprivee.com;

Bunq, @epargnebunq.com;

Fineco, @fib-gestion.com, @bfigestion.com;

Revolut-épargne, @revolut-epargne.com;

Triodos, @triodos-europe.com, @triodos-finance.com;

London Stock Exchange, @lse-gestion.com as well as a website at www2.lse-private.com.

These scammers don't limit themselves to masquerading as banks. According to the FSMA, they may also use the same technique to offer various other banking services, including credit. Regarding credit offers, the scammers demand fees under the guise of processing the credit application.

FSMA Bolsters Regulatory Scrutiny

Similarly, the FSMA raised red flags concerning 38 online trading platforms offering unlicensed services in the country in June. This list of unscrupulous operators includes entities engaged in foreign exchange, contracts for differences (CFDs), and cryptocurrency trading.

The FSMA recently introduced a new regulatory framework to monitor advertisements targeting crypto users in Belgium. The new regulation mandates companies planning to promote crypto-related services to provide the regulator with 10 days' notice before the advertisement is published on various media platforms, including social media, billboards, and websites, among other provisions.