FSMA Issues Warning Against WhatsApp Investment Scams Impersonating Bolero and GuardCap

Belgium's Financial Services and Markets Authority (FSMA) has issued an urgent warning regarding fraudulent WhatsApp groups operating investment schemes. According to the regulator, scammers are illegally using the names, logos, and corporate identities of authorized financial entities, specifically Bolero (KBC Bank NV) and GuardCap Asset Management Limited ('GuardCap'), to deceive consumers. The fraud typically originates on social media platforms like Facebook and Instagram, where deceptive advertisements promote exclusive market analyses and highly profitable trading tips. These ads misuse the branding of well-known banks and media services. Users who click on these promotions are redirected and added to private WhatsApp groups. Within these channels, group operators pose as prominent economists and investment executives. The fraudsters use various aggressive tactics, such as hosting fake lotteries to harvest personal data and pitching high-yield investment opportunities. Scammers claim to utilize proprietary artificial intelligence (AI) models, falsely promising returns of up to 360% across a three-to-four-month period under the guise of GuardCap-linked plans. Furthermore, the organizers of these groups promote a fake trading application called 'GTI', which requires consumers to pay an upfront sum of money before granting access. The FSMA warns that any investments channeled through this app are entirely fictitious, and installing such software could expose devices to malware. The FSMA confirmed that neither Bolero nor GuardCap has any affiliation with these groups or promotions, categorizing the operations as unauthorized clone activities and identity theft. These unauthorized operators have been officially added to the FSMA's list of companies operating unlawfully in Belgium. The regulator urges anyone currently in these groups to leave immediately, block all administrator phone numbers, and refrain from transferring funds or downloading promoted software. Victims are advised to contact their financial institutions immediately, report the matter to police and the FSMA, document all communications, and remain alert to secondary recovery room scams.