FSMA Warns Public Against Romance Investment Scams on Dating Apps and Social Platforms

The Belgian Financial Services and Markets Authority (FSMA) has issued a public warning alerting consumers to investment fraud that originates on dating applications and social networking platforms. The alert coincides with an international awareness campaign supported by the International Organization of Securities Commissions (IOSCO). According to the FSMA, fraudsters frequently create fake profiles on popular dating services such as Tinder, Bumble, and Hinge, or initiate unsolicited contact via Instagram, Facebook, and direct messaging channels. After establishing rapport and trust with their targets, scammers quickly shift conversations to private messaging apps like WhatsApp or Telegram. They then boast about significant personal wealth and claim to have access to lucrative, risk-free opportunities in cryptocurrency or trading platforms. To help the public identify and avoid these schemes, the regulator highlighted key precautions: - Be skeptical of individuals who flaunt wealth, regularly discuss finance, or push guaranteed-return trading opportunities. - Never send funds or transfer cryptocurrency to anyone encountered solely online. - Verify whether any recommended trading platform holds authorization with the FSMA, and check the domain registration date using Whois tools. - Never provide identity documents, credit card details, or sensitive personal data to unknown contacts. - Exercise caution regarding artificial intelligence tools used to generate deceptive profiles, videos, and unsolicited trading group invitations. For individuals who have already fallen victim, the FSMA recommends immediately terminating all contact with the perpetrators, stopping all payments, notifying banks to halt further transactions, preserving all communication and transaction evidence, and filing reports with law enforcement and financial regulators. The watchdog also explicitly warned against "recovery room" scams, where secondary fraudsters target existing victims by falsely offering paid assistance to recover lost funds. Investors should verify that financial service providers are authorized and ensure that legitimate licenses are not being impersonated by cloned firms.