Losses fromfake stock tips spread through WhatsApp groups fell sharply in Belgium in thefirst half of 2026, according to new data from the country's financialregulator. Consumersreported losing about 2.08 million euros (roughly $2.4 million) to the scheme,down from 9.5 million euros in the second half of 2025, the Financial Servicesand Markets Authority said this week.Reports inthat category dropped too, to 76 from 263 six months earlier. The regulatorsaid complaints have declined steeply since February, months after the scamfirst surfaced in mid-2025. In the second half of 2025, WhatsApp tip fraud was one of thebiggest drivers of reported losses, with an average of about 73,000 euros lostper victim.WhatsApp Fraud RetreatsAfter Peaking in Late 2025The schemeran through group chats advertised on Facebook and Instagram. Organizers posedas banks, news outlets, or well-known investors to pull members in with thepromise of exclusive market tips, then steered them toward fake apps orspecific US stocks in what the FSMA called pump-and-dump activity.The tactichas been in circulation since the middle of last year. In one version,fraudsters impersonated bank chief executives in WhatsAppgroups to look moreconvincing, the FSMA said at the time.Othersborrowed the names of established brokers. An earlier alert flagged groups impersonating Saxo Bank and JPMorgan topromote fake trading apps and move share prices. The dashboard does not explainwhy the category cooled after February, though the drop follows a run of publicwarnings across Europe.Fake Platforms Still TakeMost of the MoneyThe retreatdid little to change where most losses came from. Fraudulent trading platformsand crypto schemes accounted for about 8.5 million euros, or 66.5% of the 12.7million euros consumers said they lost in the half. They also made up 661 ofthe 1,277 reports the FSMA received.Many ofthese operations market themselves as forex or contracts-for-differencebrokers, a product Belgium restricted for retail clients years ago. Theregulator has named dozens of unlicensed CFD andcrypto sites inpast warnings, many of them clones of licensed firms.Theapproach rarely varies. Targets respond to an online ad, get shown a fabricatedaccount dashboard, and are pushed to add funds, often starting with a small test deposit of around 250euros, beforewithdrawals are blocked, the FSMA said.Other Regulators Reportthe Same PatternBelgium isnot the only watchdog tracking the shift toward messaging apps. New Zealand'sFinancial Markets Authority warned of a WhatsApp scheme that used bots and fakeleaderboards to invent returns for the people it targeted.SouthAfrica's Financial Sector Conduct Authority flagged a separate group posing as the JohannesburgStock Exchange toreach investors on the same app. Across the cases, regulators described afamiliar sequence of impersonation, a professional-looking platform, andwithdrawals that stop working once victims try to cash out.Report Volumes Hold Steadyas Warnings Pile UpTotalconsumer reports reached 1,277 for the half, close to the 1,289 logged a yearearlier and roughly in line with recent periods, according to the FSMA. The flat reading interrupts several years ofnear 20% annual growth in complaints.Fake creditoffers stayed the second-largest report category, at about 20% of the total,with an average loss near 3,000 euros. Consumers who take up the offers"never actually receive the money promised," the FSMA said, becausethey are first asked to pay upfront fees that disappear along with the supposedlender.Theregulator issued nine warnings over the six months, covering 157 fraudulententities and 185 websites. More than 62% of those entities were illicittrading platforms.This article was written by Damian Chmiel at www.financemagnates.com.