FSMA Warns Against 6 Belgian Fraud Firms
The Financial Services and Markets Authority warned against online trading platforms all over Belgium for placing scam ads on social media. FSMA warns that copies and scammer firms have been rapidly proliferating these past few weeks, especially.
Beflix, Blue Lexus, CFReserve, OmegaFX, OptionFX, and Trade Idea are all on the regulator’s list of fraudulent firms. They operate in www.beflix.net, www.bluelexus.net, www.CFReserve.com, www.omegafx.io, www.optionfx.trade, and www.tradeidea.co, respectively.
Said ads contain feature well-known figures who would explain how to “get rich quick.”
Once consumers click on their ads, these brokers ask for their contact details. Then, their “brokers” will call their potential clients and present an investment proposal for trading and investment.
Then, they would aggressively persuade victims to allow them to take control of their computers to make money transfers remotely. They would also push victims to invest increasingly higher amounts of money.
Scammer, nowadays, utilize social media to trick investors as opposed to the traditional cold calling. The regulator strongly advises against responding to any offers from the frauds mentioned above and to be on alert continuously.
About FSMA
The FSMA is responsible for supervising major Belgian financial markets and the information distributed between companies. TI also handles intermediaries, compliance and conduct regulations, and public marketing of financial products.
A “fintech portal” on its website allows FSMA to accept direct contact with fintech companies. This Fintech Contact Point allows companies and the regulator to contact each other within three business days.
The regulator aims to assist these firms in understanding applicable regulatory actions, including crowdfunding and APIs.
Belgian insurance intermediaries must be licensed by the FSMA to start their activities as a broker, agent, or sub-agent. Any entity that operates without its guidance is unlawful.
Said insurance intermediaries must prove that they have professional knowledge and adequate experience. Furthermore, they need to comply with upcoming and ongoing requirements as soon as they operate.
