FSMA Issues Warning Against Fraudulent Asset Recovery Companies and Impersonators

Belgium's Financial Services and Markets Authority (FSMA) has published an urgent warning alerting consumers to several unauthorized companies engaging in recovery room fraud. These fraudulent operations specifically target individuals who have previously lost money to online investment scams, claiming they can help victims obtain compensation or recover their lost capital. According to the regulator, scammers typically contact victims directly via phone or email, though many also lure individuals through online search results and social media advertisements. Perpetrators routinely pose as law firms, accountants, police officers, or financial supervisory authorities, misusing the identity details of established institutions and official bodies to appear credible. In these schemes, fraudsters demand advance fee payments, claiming the funds are necessary to cover administrative charges, legal expenses, or taxes. Alternatively, some fraudsters offer seemingly free assistance but demand remote computer access using tools like AnyDesk—allowing them to install spyware or compromise online banking—or instruct victims to register and fund cryptocurrency wallets. Once payments or credentials are handed over, the perpetrators disappear, leaving victims with further financial losses. The FSMA has explicitly warned the public against the following unauthorized entities suspected of operating recovery scams: - Cyber Justice (justice-cyberguard.com) - GL Markets (glmarkets.io) - Money Recovery (moneyrecovery.me, moneyrecovery.uk) The regulator also warned of rising identity theft and highlighted entities impersonating official bodies or established companies: - Bybit European Blockchain Association (blockchain-eba.org, blockchain-wtc.com, blockchaineba.org) - Ombudsman Financial Services (ombudsman-fs.co) - Sentinel (sentinel-fe.com) The FSMA emphasizes that individuals who have previously fallen victim to investment fraud are frequently retargeted by the original fraudsters or have their personal contact details sold to other scam rings. Official regulators and public authorities do not offer fund recovery services to individuals, nor do they request upfront payments. Victims of investment fraud are strongly advised to terminate all contact with unsolicited recovery services, refuse remote computer access, and file a formal report with local law enforcement.