Scammers Impersonating Banks

Caution Investors – fraudsters fraudulently using the name of several banks, and market intermediaries (investment and trading advisers, collective investment schemes, brokers, dealers, and transfer agents)

Who are they:

Fraudsters continue to impersonate major banks to deceive consumers and catch them off guard. They offer savings plans with the promise of returns in excess of market returns and most often with a capital guarantee. However, the victims find themselves unable to recover their money. The FSMA recently observed that fraudsters usurped the names of several banks to deceive consumers. The FSMA has received reports about scammers using the following names: BGL BNP Paribas Fortis, Bunq, Fineco, Revolut-épargne, Triodos, and London Stock Exchange[1].

Regulation and Compliance: FSMA Issues Warning:

The Financial Services and Markets Authority (FSMA) has issued several warnings against this phenomenon since 2021. The FSMA urges consumers to look very carefully at the email addresses or contact details of the companies who are contacting them. If there is any doubt, consumers should contact the FSMA directly using the consumer contact form. The FSMA also encourages consumers to notify them if they come across a suspicious company that has not yet been the subject of a warning by the FSMA[1].

Customer Reviews:

There are no customer reviews available for these fraudulent activities.

Products and Services:

The fraudsters offer savings plans with the promise of returns in excess of market returns and most often with a capital guarantee. They may also use this technique to offer other banking services to consumers, and in particular offers of credit. In the latter case, the scam is based on the payment of fees that are supposedly necessary to obtain credit[1].

Location:

The fraudulent activities are not limited to a specific location. Consumers worldwide should be aware of these scams.

Customer Service:

The fraudsters impersonate banks and offer savings plans with the promise of returns in excess of market returns and most often with a capital guarantee. However, the victims find themselves unable to recover their money. Consumers should be cautious and verify the authenticity of the banks before investing their money.

Conclusion:

Consumers should be cautious when receiving emails or contact from banks. They should verify the authenticity of the banks before investing their money. The FSMA has issued several warnings against this phenomenon since 2021 and urges consumers to look very carefully at the email addresses or contact details of the companies who are contacting them. If there is any doubt, consumers should contact the FSMA directly using the consumer contact form. The FSMA also encourages consumers to notify them if they come across a suspicious company that has not yet been the subject of a warning by the FSMA[1].

Citations:

[1] https://www.fsma.be/en/warnings/scammers-pass-themselves-banks-beware-fraud-0