Belgium’s Financial Services and Markets Authority(FSMA) has issued a fresh warning to the public after uncovering a growingnetwork of fraudulent online trading platforms targeting European investors. The regulator says the schemes promise fast profitsbut rely on deception, pressure tactics, and fake trading dashboards to stealfunds from unsuspecting users.Using Aggressive Recruitment TacticsThe fraudsters are now employing new tactics, including contacting victims through sponsored social media ads, fake news articles, andfabricated endorsements using public figures.Other schemes exploit dating apps, WhatsApp messages, or so-called investment “clubs” to initiate contact. In many cases, scammerspose as financial advisers or acquaintances who claim to offer private earningopportunities.Once victims engage, they are urged to sign up onprofessional-looking trading platforms and deposit an initial sum, often around€250. Some scammers request remote access to victims’ devices to “assist” withaccount setup, a move that exposes bank logins and personal data to cybertheft.After the first deposit, victims are shown simulatedprofits to create the illusion of successful trading. In reality, no tradestake place. Fraudsters use this illusion to pressure victims into investingmore money. The FSMA notes that high-pressure phone calls, time-bound offers, and intimidation are common tactics.Withdrawals expose the fraud. Victims who requesttheir funds face delays and are told to pay invented taxes or fees. In mostcases, the platform blocks withdrawals and cuts contact once victims resistfurther payments.According to the FSMA, several of the flaggedplatforms use pyramid-style recruitment. Victims are encouraged to bring in newinvestors with promises of referral bonuses, while earlier withdrawals arefinanced with incoming deposits. The model collapses once recruitment slows.Platforms Placed on Warning ListThe FSMA has added more than 20 websites to itsblacklist. These include: Finance Legend, Aurudium, BerryPAX, Boosty Flow,Deal-Traders, Fintradix, HashXCapital, Lamaco (clone), Lesrouleaux, NobuInvest, Priv-Solutions, ProfitBee, RiseGrandAction, Total-Profits,Windelagence, XH Pro, and others linked to fraudulent activity.The regulator warns that these sites target investorsacross Europe and frequently rebrand under new names once discovered.The FSMA urges anyone affected to act immediately.Victims should stop all payments and communication with the platform, informtheir bank, and file reports with both law enforcement and the FSMA. Theyshould also collect evidence such as emails, transaction records, andscreenshots.The regulator also warns against so-called “recoveryroom” scams, where fraudsters contact previous victims and offer to recoverlost funds for an upfront fee. These operations are often run by the samenetworks behind the original fraud.This article was written by Jared Kirui at www.financemagnates.com.