Belgian consumers lost €38.3 million to financial fraud in 2025, according to the Financial Services and Markets Authority (FSMA) on Thursday.
Reported losses reached €14.9 million in the first half of the year, rising to €23.4 million in the second half.
The FSMA received 2,911 complaints regarding fraudulent activities throughout the year, continuing a steady upward trend seen since 2017.
Fraudulent trading platforms were the largest source of losses, accounting for over €10.5 million in the second half of the year, primarily linked to fake cryptocurrency investments. Nearly half of the reports received involved scams tied to cryptocurrencies or trading platforms.
The financial regulator issued warnings about 240 fraudulent entities and 316 deceptive websites.
A new scam method emerged in the second half of 2025, involving “exclusive advice” frauds on WhatsApp groups. This trend led to losses of €9.5 million between July and December, affecting 263 victims with an average loss of €73,000 per person, the FSMA explained.
The scam primarily targeted Dutch-speaking men aged 50 to 69. It began with fake adverts on social media like Facebook and Instagram promoting WhatsApp groups offering exclusive financial market insights and investment advice.
Victims were then drawn into fraudulent schemes such as rigged lotteries, manipulated stock purchases in pump-and-dump schemes, or tricked into downloading fake cryptocurrency trading apps.
