FSMA Issues Warning Against Recovery Room Scams Targeting Investment Fraud Victims

The Financial Services and Markets Authority (FSMA) of Belgium has issued a public warning regarding the resurgence of recovery room fraud. In this type of deception, fraudsters specifically target individuals who have previously lost money to investment scams, falsely offering to help them recoup their lost capital or recover stolen funds. According to the FSMA, scammers reach out to victims through unsolicited phone calls or emails, while some victims encounter them through internet searches and deceptive social media advertisements. Fraudsters pose as reputable law firms, certified accountants, police authorities, or financial regulatory bodies. In many instances, they create clone firms or misuse the identity details of legitimate organizations to appear trustworthy. To carry out the scam, the operators demand an upfront payment from the victim. These advance fees are often falsely categorized as legal costs, administrative fees, or clearance taxes. In other scenarios, fraudsters claim to provide the recovery service for free but request remote access to the victim's computer using software like AnyDesk. This allows them to install spyware or infiltrate the victim's online banking accounts. In some cases, victims are instructed to open and fund a cryptocurrency wallet. Once the fraudsters obtain the funds or gain account access, they cut all communication, leaving the victim with additional financial losses. The FSMA highlighted that individuals who have previously fallen victim to investment fraud are frequently targeted again by the same scammers or by secondary groups that purchase lists of fraud victims. As part of the warning, the regulator listed several entities and clone platforms operating unauthorized recovery or trading services: - Apag-Audit AG (apag-audit.org) - Claim Justice (claim-justice.com) - Crypto Conduct Authority (commission-cca.com) - Etoro / Torocoin – Cloned firm (toroc.io) - FXVC (Cloned Firm) - Global Get Back (globalgetback.com) - IFP Center (ifp.center / www.ifp.center) - NCSC (Cloned Firm) - Trading Center (trading-center.co) - Ucoin Capital (ucoincapital.com) - VaxCo (vaxco.io, vaxco.co, vaxco.org) The FSMA strongly advises the public never to respond to recovery offers from unknown parties. Victims of investment fraud should immediately file a report with local law enforcement. Consumers are warned never to pay upfront recovery fees, never to grant remote access to their devices, and to remember that official financial regulators do not recover lost funds for individuals.