FSMA Issues Warning on Romance Investment Scams and Fake Crypto Platforms

Belgium's Financial Services and Markets Authority (FSMA) has issued a public warning regarding investment scams that initiate through dating applications and social media platforms. Highlighting a global phenomenon that affects men and women of all ages, the regulator and international bodies like IOSCO are urging consumers to stay vigilant against fraudsters who use relationship-building tactics to steal investment funds. According to the FSMA, the fraudulent scheme typically begins on popular dating applications such as Tinder, Bumble, and Hinge, or via social networks like Instagram, Facebook, and even unsolicited "wrong-number" text messages. Once contact is established, perpetrators quickly attempt to move the conversation to private messaging channels such as WhatsApp or Telegram. The scammers build trust over time, presenting themselves as wealthy individuals who achieved financial freedom through cryptocurrency trading or online investments, or acting as friendly mentors offering exclusive business opportunities. After establishing an emotional connection or romantic rapport, the fraudster introduces an online trading platform, claiming it offers guaranteed, risk-free profits. In many instances, the scammer offers to invest alongside the victim to give a false sense of security. The victim is instructed to open an account and deposit funds. In reality, the victim is depositing money directly into accounts controlled by the fraudsters, while the platform displays manipulated charts showing rapid, fictitious investment gains to encourage larger deposits. The scheme reaches a critical point when the victim requests a withdrawal. The fraudsters then refuse to release the funds, fabricating excuses such as mandatory tax payments, processing fees, or regulatory compliance charges that require additional deposits. Ultimately, the trading platform disappears, and the victims are unable to recover their capital. The FSMA advises anyone who suspects they have been targeted to cease all transactions immediately and cut off communication with the fraudsters. Victims should notify their banks without delay to explore possible transaction recalls, file a formal complaint with local law enforcement and regulatory authorities, and gather comprehensive documentation, including chat logs, screenshots, and account statements. The regulator also cautions victims to beware of secondary "recovery room" scams, where fraudulent entities reach out promising to recover lost funds for an upfront fee. Investors are reminded to always verify whether a financial services provider holds a valid regulatory license and to remain vigilant against clone firms impersonating legitimate entities.