FSMA Issues Warning on WhatsApp Investment Scams Impersonating Bolero and GuardCap

The Financial Services and Markets Authority (FSMA) in Belgium has renewed its warning concerning fraudulent WhatsApp investment groups. According to the regulator, scammers are actively running groups that share alleged exclusive market tips, bogus investment plans, and fraudulent trading applications. Investigations reveal that the perpetrators are stealing the identities of authorized financial institutions, specifically Bolero (KBC Bank nv) and GuardCap Asset Management Limited. The operation begins with deceptive advertisements on social media platforms such as Facebook and Instagram, often utilizing the names and logos of reputable banking institutions and news organizations to build false credibility. Users who click these advertisements are redirected into WhatsApp groups managed by individuals posing as renowned economists or corporate executives. Once inside, victims are targeted through multiple deceptive tactics, including fake lotteries designed to extract personal data, as well as high-yield investment proposals. The fraudsters claim to employ advanced artificial intelligence models capable of delivering returns as high as 360 percent within three to four months. Additionally, the administrators of these groups encourage members to download and fund a fake trading application named "GTI". The FSMA highlights that these applications are completely illegitimate, designed to steal user funds, and may also expose devices to malicious software. The FSMA has added these illicit operations to its list of unauthorized firms operating in Belgium. The regulator advises anyone involved in these groups to exit immediately, block the administrators, and refrain from following trading advice or installing promoted software. Victims who have already transferred funds should immediately contact their banking institution to attempt payment halts, file formal complaints with local law enforcement, and report the incident to the FSMA. The regulator also warns victims to remain vigilant against secondary "recovery room" scams, where fraudsters pose as asset recovery specialists demanding upfront fees to retrieve lost capital.