FSMA Issues New Warning on Recovery Room Fraud in Belgium
Introduction to Recovery Room Fraud
The Financial Services and Markets Authority (FSMA) is raising awareness among Belgians about the dangers of recovery room fraud.
This deceptive practice involves scammers offering help to victims of investment fraud to recover their losses or retrieve their investments.
Modus Operandi of Fraudsters
Typically, these fraudsters reach out to their victims via phone or email. It’s also common for victims to encounter these fraud schemes during internet searches or through social media platforms.
The scammers often masquerade as legitimate entities such as law firms, accounting services, police, or financial regulatory bodies, misusing real identities to appear credible.
Fee Demands and False Promises
Victims are usually asked to pay an upfront fee, purportedly to cover administrative or legal costs, or taxes, which are in reality non-existent.
In some instances, these fraudsters may offer “free” services that involve victims granting access to their computers through remote desktop applications like Anydesk, which can lead to the installation of spyware or unauthorized access to personal financial accounts.
The Trap of Cryptocurrency Platforms
Additionally, scammers might instruct victims to set up and activate a wallet on a cryptocurrency platform, further complicating the scam and increasing the risk of financial loss.
End Result of Fraud
Once the payment is made, the fraudsters typically vanish, making it very difficult, if not impossible, for the victims to recover any of their payments.
The FSMA strongly advises the public to avoid engaging with such offers entirely.
Unlawful Companies to Beware of
The FSMA has specifically warned the public against the following entities operating illegally:
- Apag-Audit AG (https://apag-audit.org/)
- Claim Justice (https://claim-justice.com/)
- Crypto Conduct Authority (https://commission-cca.com/)
- Etoro (Torocoin – Cloned firm) (https://toroc.io/)
- FXVC (Cloned Firm)
- Global Get Back (http://globalgetback.com/)
- IFP Center (https://ifp.center/; www.ifp.center)
- NCSC (Cloned Firm)
- Trading Center (http://trading-center.co/)
- Ucoin Capital (https://ucoincapital.com)
- VaxCo (www.vaxco.io; www.vaxco.co; www.vaxco.org)
Double Victim Scenarios
It is not uncommon for victims of initial investment frauds to be targeted again in recovery room scams.
The perpetrators might even sell the contact information of the victims to other scammers, exacerbating the risk of further fraud.
How to Recognize and Avoid Recovery Room Fraud
Tips for Prevention
- Always report any instance of investment fraud to your local police.
- Exercise caution with unsolicited offers found on social media or the internet that promise to recover lost funds.
- Question unsolicited callers on how they obtained your information since such data should only be accessible to judicial authorities.
- Avoid any arrangement that requires an upfront payment, access to your computer, or setting up a wallet on a cryptocurrency platform.
Remember that financial supervisors like the FSMA do not have the authority to recover lost funds and will not contact victims directly.
Additional Support
For further inquiries about financial transactions or to verify compliance with financial legislation, utilize the search function on the FSMA website or contact them directly through their consumer contact form.
For more details, visit the official warning page on the FSMA’s website
