Scammers Stole $12 Million in Crypto and Forex Scams from Belgium Investors over Last Year
Financial Services and Markets Authority (FSMA), the financial watchdog of Belgium, unveils that investors lost $12 million to different scams and fraudulent activities last year.
From May 2019 to September 2020, scammers stole 10 million euros ($11.8 million), claims Financial Services and Markets Authority.
FSMA’s Report
Cyber thieves have used different effective techniques to rob investors of their money. According to FSMA, scammers designed advertisements over social media portraying prominent celebrities. The purpose of these advertisements is to get sensitive information from people or engage them to participate in fake projects.
Scammers have also used the calling method and offering investors to manage their assets’ portfolio. They try to persuade people by making promises of high returns.
FSMA said aggressive methods are used “to try to persuade you to invest ever larger sums.” They also take control of victims’ computers “to make certain payments.”
Per FSMA’s report, fake trading platforms direct traders to invest in products such as foreign exchange market products, binary options, and contracts for differences.
Belgium Authorities’ Actions against Fraudulent Activities
Law enforcement agencies of Belgium are following the necessary steps to prevent people from fraudulent activities. For instance, at the beginning of the year, 140 websites in relation to cryptocurrency were blocked by the Financial Services and Markets Authority.
In May 2019, investors lost nearly $3.2 million in different cryptocurrency frauds. In 2018, the Federal Public Service (FPS) reported $2.5 million washed away in crypto scams.
FPS stated that scammers steal almost $152 million each year from investors in Belgium. And most of these cases are still unreported.
Cryptocurrency scams are common all over the world. Scammers used the names of celebrities for stealing money as well as sensitive information of investors. However, the ratio of illegal crypto activities is less in Africa than in other regions. According to Chainalysis’s report entitled “2020 Geography of Cryptocurrency Report,” fraudulent activities make up only 1.4% of total crypto trading volume in Africa.
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