FSMA Warns of Clone Scams Impersonating Authorized Belgian Intermediaries

The Financial Services and Markets Authority (FSMA) of Belgium has issued a public warning regarding an increase in fraudulent operations involving identity theft of authorized Belgian insurance intermediaries. English-speaking scammers are abusing the official registration details of legitimate firms on FSMA registers to deceive investors and build false credibility. According to the FSMA, the fraudsters use the names, corporate data, and legal information of regulated entities. To convince targets that they are legitimate and licensed, the perpetrators frequently direct victims to the official FSMA register. In most instances, the scammers construct clone websites using web addresses that closely mimic the legitimate intermediaries—often by adding hyphens or substituting country-code domains like .be with international extensions such as .com. In other cases, they hijack the identity of registered entities that do not maintain an active website. The regulator identified two primary fraudulent schemes operated by these clone entities: 1. Fictitious Investment Offers: Fraudsters contact individuals without prior request, often by telephone, to pitch investments in fictitious shares, bonds, or other financial instruments. Victims are referred to professional-looking English-language websites presenting non-existent financial products. 2. Recovery Room Scams: Scammers contact individuals who have previously lost money in investment fraud schemes, falsely promising to recover the lost funds in exchange for upfront fees or contributions. The FSMA highlights several warning signs associated with this fraudulent activity: - Unsolicited contact via phone calls or social media promising unrealistic financial returns. - An entity claiming to be based in Belgium but communicating exclusively in English or placing calls from foreign telephone numbers. - Requests to transfer funds to bank accounts located in countries unrelated to the client or the registered office of the firm. - Website domain discrepancies when cross-checked against official databases. Investors are advised to verify all corporate details directly against the FSMA register or the Crossroads Bank for Enterprises (Banque-Carrefour des Entreprises) and to never transfer funds if discrepancies arise. The FSMA also urges affected intermediaries whose identities have been stolen to file formal complaints with law enforcement authorities and notify the regulator.