The FSMA warns the public once again against dubious WhatsApp groups

The FSMA has received new reports of dubious WhatsApp groups, in which fraudsters share so-called exclusive investment advice or promote fraudulent trading apps.  This time, the identities of Bolero (KBC Bank NV) and of GuardCap Asset Management Limited ('GuardCap') have been stolen. When consumers surf on social media (often Facebook or Instagram), they come across advertisements for WhatsApp groups that claim to share exclusive analyses of financial markets and profitable investment tips. These advertisements are often published via pages that fraudulently use the name and logo of well-known banks and news services. These are cases of identity theft. Consumers who click on the advertisement are added to WhatsApp groups. These groups are managed by individuals who pose as prominent economists or CEOs of investment firms. These are also cases of identity theft. In these WhatsApp groups, consumers are encouraged to participate in lotteries. This is most likely a way to obtain consumers’ personal data. In addition, consumers are urged to invest in particularly profitable investment plans that promise very high returns over a very short period. To this end, the fraudsters prom...