FSMA Issues Warning on Romance Investment Scams Originating on Dating Platforms

The Belgian Financial Services and Markets Authority (FSMA) has published a warning highlighting the proliferation of romance investment scams. Supported by international initiatives from the International Organization of Securities Commissions (IOSCO) during World Investor Week, the regulator warns that this fraudulent practice targets individuals across all demographics, genders, and age groups. According to the FSMA, these scams typically begin on popular dating applications such as Tinder, Bumble, and Hinge, on social networks like Facebook and Instagram, or through unsolicited messages sent under the guise of an accidental wrong number. Once contact is established, the scammers quickly move the conversation to external private messaging services such as WhatsApp or Telegram. The perpetrators construct elaborate personas, posing as wealthy professionals who earned fortunes through cryptocurrency or financial trading. By feigning romantic interest or offering mentorship, they establish a high level of trust. Eventually, the conversation shifts toward financial opportunities. The fraudster shares their alleged secret to rapid, risk-free wealth and invites the victim to invest via a specific trading platform, sometimes offering to co-invest alongside the victim to feign shared risk. Victims are instructed to create an account on a designated trading website and deposit funds. Unknown to the victim, this platform is entirely controlled by the fraudsters. The software manipulates trades and displays fictitious, substantial profits to create an illusion of success. The platform may even permit small initial withdrawals to build confidence, encouraging the victim to invest larger sums. The scheme reaches a critical point when the victim attempts to withdraw their capital. The scammers block the withdrawal and fabricate various pretexts, demanding additional upfront payments for alleged taxes, verification fees, or administrative charges. Once the victim stops paying or realizes the deceit, the fraudulent platform disappears with the deposited funds. The FSMA also warns victims about secondary recovery room scams, where fraudsters reach out to previously scammed individuals, falsely promising to retrieve lost funds in exchange for an advance payment. To protect against these fraudulent operations, the FSMA advises the public to: - Immediately cease all transactions and cut off communication with the fraudsters, including the dating contact. - Notify banking institutions promptly if financial transfers have been made. - Report the incident to the police and regulatory authorities such as the FSMA. - Collect and preserve all records, including message logs, account screenshots, and payment confirmations. - Be cautious of unsolicited offers claiming the ability to recover lost funds. - Verify authorization statuses on official regulator registers and remain vigilant against cloned firms using legitimate company names.