FSMA Issues Warning on Romance Investment Scams Originating on Dating Apps

The Financial Services and Markets Authority (FSMA) in Belgium has issued a public warning regarding the growing threat of romance investment scams. Operating in conjunction with an awareness campaign organized by the International Organization of Securities Commissions (IOSCO), the regulator highlights how malicious actors exploit dating applications and social networks to defraud consumers through fabricated crypto trading opportunities. According to the FSMA, the fraudulent scheme typically begins on dating platforms such as Tinder, Bumble, and Hinge, or via unsolicited contact on Instagram, Facebook, or unexpected phone calls. Once a connection is established, the scammers quickly move conversations to private messaging apps like WhatsApp or Telegram. After building trust and an emotional bond, they flaunt supposed wealth and introduce what they claim is a secret, risk-free investment opportunity promising guaranteed returns, directing victims to deposit funds into specific trading platforms. To help consumers avoid falling victim to these romance crypto scams, the FSMA emphasizes several core precautions. Investors are advised never to transfer funds to individuals they have only met online. When prompted to use a trading platform, users should verify whether the entity is properly authorized by financial regulators such as the FSMA, inspect website creation dates using Whois tools, and avoid complex or poorly understood financial products. The regulator also cautions against sharing personal data, identity documents, or credit card details, which scammers can repurpose for identity theft. Users should remain alert to AI-generated profiles and decline invitations to unsolicited trading groups. For individuals who may have already fallen victim to such schemes, the FSMA recommends ceasing all transactions and immediately terminating contact with the fraudsters. Victims should notify their banking institutions immediately, submit a complaint to the police, report the incident to the FSMA, and preserve all evidence, including chat logs, transaction screenshots, and bank statements. The regulator also warns victims to remain alert for recovery room scams, where secondary fraudsters pose as asset-recovery specialists offering to retrieve stolen funds for an upfront fee. Investors are urged to check the FSMA register to confirm firm licensing and verify that entities are not clones impersonating legitimate organizations.