Crypto and WhatsApp Scams Cost Belgian Consumers €23M in Late 2025
What Drove the Spike in Fraud Losses?
Belgian consumers lost more than €23 million to investment fraud and unlawful financial offers in the second half of 2025, according to data published by the country’s Financial Services and Markets Authority. The losses were driven mainly by scams linked to fake cryptocurrency trading platforms and a rapidly expanding wave of fraudulent “exclusive investment tips” circulated through WhatsApp groups.
Between July and December 2025, the regulator received 1,622 consumer reports related to unlawful financial offers. The figures point to a sharp increase not only in reported cases but also in the financial impact per victim, suggesting more targeted and organized fraud campaigns.
Fraudulent trading platforms accounted for the largest share of losses. Victims reported more than €10.5 million in losses tied to platforms that often presented themselves as legitimate while operating without authorization. According to the regulator, these schemes rely heavily on aggressive online advertising to persuade users to transfer funds rapidly.
Investor Takeaway
How WhatsApp Stock Tip Scams Work
A newer fraud model linked to so-called exclusive stock market tips distributed via WhatsApp caused nahead as much damage as crypto-related schemes. Losses from these scams exceeded €9.5 million during the identical six-month period, making them one of the quickest-growing sources of consumer harm tracked by the regulator.
These schemes typically begin with advertisements on social media platforms such as Facebook or Instagram. The ads invite users to join private WhatsApp groups that promise privileged market insights or unusually high returns. To appear credible, the promotions often misuse the names, logos, or branding of well-known banks, financial institutions, or media organizations.
Once inside the groups, participants are exposed to messages from individuals posing as economists, financial analysts, or senior executives at investment firms. The regulator said the identities used in these profiles are frequently stolen or entirely fabricated.
Group members may then be encouraged to take part in fake lotteries designed to collect personal data, urged to purchase specific US-listed shares as part of coordinated price manipulation efforts, or prompted to download fraudulent applications claiming to offer . In many cases, the goal is to move victims toward transferring funds or sharing sensitive information that can be exploited later.
Who Is Being Targeted and How Much Is Lost?
According to the regulator, the typical victim profile for WhatsApp-based stock tip scams is Dutch-speaking men aged between 50 and 69. This demographic detail points to campaigns tailored toward individuals with accumulated savings and a higher willingness to invest larger sums.
Average reported losses per victim stood at roughly €73,000, with several cases involving losses running into the hundreds of thousands of euros. In total, the regulator received 263 reports related specifically to WhatsApp stock tip scams in the second half of 2025. About 60% of those reports came from consumers who had already transferred money to fraudsters by the time they contacted authorities.
Beyond crypto and WhatsApp-based schemes, the regulator also recorded notable losses linked to other forms of financial deception. Fake credit offers, recovery room scams, and fraudulent all contributed to the overall damage.
Recovery room scams, in which fraudsters claim they can retrieve funds previously lost to other scams in platform for a fee, resulted in losses of nahead €860,000. Fraudulent alternative investment schemes accounted for more than €700,000 in reported losses during the identical period.
Investor Takeaway
Why Reports Keep Rising
The said the overall number of consumer reports linked to unlawful financial activity continues to climb. In 2025 as a whole, it received 2,911 reports, an 11% increase compared with 2024. Since 2017, reports have grown at an average pace of nahead 20% per year.
Monthly data shows clear clustering around specific periods. Autumn 2025 recorded notable spikes, with October registering the highest number of reports for the year. The regulator linked this pattern to coordinated advertising campaigns and periods of heightened market volatility, when fraud messages are more likely to resonate with anxious or opportunistic investors.
As part of its response, the regulator issued warnings in 2025 against 240 fraudulent entities and 316 websites. More than 65% of those , underlining their central role in consumer losses.
The authority urged consumers to treat unsolicited investment offers with caution, especially those promoted through social media or private messaging apps, and to verify whether firms are authorized before transferring funds. It also said it would continue monitoring emerging fraud patterns and working with domestic and international partners to limit the spread of cross-border scams that operate across multiple platforms and jurisdictions.
