Caution: Belgian Financial Watchdog Flags Risks in Investment in Wine and Precious Metals
The Financial Services and Markets Authority (FSMA) has recently received an influx of complaints regarding fraudulent investment offers targeting consumers. In particular, these deceptive schemes involve investments in wine or precious metals. The FSMA, once again, issues a stern warning to consumers, emphasizing the prevalence of fraudsters behind these enticing investment proposals.
The Formula of Deception
Alternatives to traditional savings products are becoming more prevalent, luring the general public with promises of high yields. The current trend includes investment offers in various products such as precious metals, wine, or champagne. The typical formula for these deceptive schemes involves:
- Presentation of the asset as an alternative for capital investment.
- Promises of exceptionally high yields.
- Utilization of online trading platforms with no physical delivery involved.
- Contact initiation through phone and email, often stemming from online advertisements, especially on social media.
Companies Under the Radar
Over the past weeks, the FSMA has received reports about several companies engaging in fraudulent activities, including but not limited to:
- Pontils-alinau.com
- www.pratholding.com
- Primalgold / Myeffico Finance
- www.silva-investissements.com
- www.walletpremium.com
It is crucial to note that none of the above companies are authorized to provide investment services in Belgium. The FSMA strongly advises against responding to any financial service offers from these entities and warns against transferring money to any bank accounts they may specify.
Safeguarding Against Fraud
To protect against fraudulent activities, the FSMA recommends that investors:
- Verify Company Identity: Always check the identity of the offering company, including its name, home country, and registered office. If the company cannot be clearly identified, it should not be trusted.
- Check Authorization: Verify if the company has the necessary authorization. A simple search on the FSMA website can provide this information.
- Beware of 'Cloned Firms': Be cautious of cloned firms impersonating authorized companies. Scrutinize email addresses and contact details for any discrepancies that may indicate fraudulent activity.
Exercise Prudence
More than ever, exercising prudence is crucial. In case of any doubt, investors are encouraged to contact the FSMA using the consumer contact form. Additionally, individuals are urged to inform the FSMA if they are approached by a suspicious company not yet listed in their warnings.
Reporting Investment Fraud
If an individual becomes a victim of investment fraud, the FSMA advises filing a complaint with the local police or judicial authorities promptly.
Stay vigilant, be informed, and protect yourself from fraudulent investment schemes.
This article is published in collaboration with The Financial Services and Markets Authority (FSMA)
Image source: Unsplash.com
Report a Scam!
Have you fallen for a hoax, bought a fake product? Report the site and warn others!
Scam Categories
Help & Info
Popular Stories
As the influence of the internet rises, so does the prevalence of online scams. There are fraudsters making all kinds of claims to trap victims online - from fake investment opportunities to online stores - and the internet allows them to operate from any part of the world with anonymity. The ability to spot online scams is an important skill to have as the virtual world is increasingly becoming a part of every facet of our lives. The below tips will help you identify the signs which can indicate that a website could be a scam. Common Sense: Too Good To Be True When looking for goods online, a great deal can be very enticing. A Gucci bag or a new iPhone for half the price? Who wouldn’t want to grab such a deal? Scammers know this too and try to take advantage of the fact. If an online deal looks too good to be true, think twice and double-check things. The easiest way to do this is to simply check out the same product at competing websites (that you trust). If the difference in prices is huge, it might be better to double-check the rest of the website. Check Out the Social Media Links Social media is a core part of ecommerce businesses these days and consumers often expect online shops to have a social media presence. Scammers know this and often insert logos of social media sites on their websites. Scratching beneath the surface often reveals this fu
So the worst has come to pass - you realise you parted with your money too fast, and the site you used was a scam - what now? Well first of all, don’t despair!! If you think you have been scammed, the first port of call when having an issue is to simply ask for a refund. This is the first and easiest step to determine whether you are dealing with a genuine company or scammers. Sadly, getting your money back from a scammer is not as simple as just asking. If you are indeed dealing with scammers, the procedure (and chance) of getting your money back varies depending on the payment method you used. PayPal Debit card/Credit card Bank transfer Wire transfer Google Pay Bitcoin PayPal If you used PayPal, you have a strong chance of getting your money back if you were scammed. On their website, you can file a dispute within 180 calendar days of your purchase. Conditions to file a dispute: The simplest situation is that you ordered from an online store and it has not arrived. In this case this is what PayPal states: "If your order never shows up and the seller can't provide proof of shipment or delivery, you'll get a full refund. It's that simple." The scammer has sent you a completely different item. For example, you ordered a PlayStation 4, but instead received only a Playstation controller. The condition of the item was misrepresented on the product page. This could be the