In recent months, the FSMA has observed several cases of theft of the identity of Belgian banks by German-speaking fraudsters. The swindlers act in such a way as to make consumers think their product offers are legitimate.
German-speaking fraudsters are using the names of Belgian banks to make people believe that their fake offers of term deposit accounts to consumers are legitimate.
They do so by fraudulently using the name and other legally required information of intermediaries who are, for the most part, regulated in Germany or Switzerland, in order to try to convince consumers that they hold the necessary authorizations. They thus deceive consumers into thinking they are opening a term deposit account with a Belgian bank. The fraudsters use very detailed documentation to give the impression they are acting on behalf of and for the account of that bank. They often offer discounts or bonuses to their clients. Consumers are thus deceived, thinking they are dealing with regulated financial providers, when in reality these are fraudsters who have simply stolen their identity.
In some cases, the fraudsters create a website with a web address that corresponds to the name of the intermediary whose identity they have stolen.
How to avoid the trap
This fraudulent practice may be difficult to detect and avoid. We therefore encourage you to take the following steps to ensure that your interlocutor is indeed who he or she claims to be:
- Verify the contact details provided on the websites of the various regulators to ensure that they are the same as the ones found on the website of the institution that has contacted you.
Beware! Fraudsters frequently use the postal address of the authorized institution as well. Therefore, the fact that the correct postal address is used by your interlocutor is therefore not enough to confirm his or her identity! - Use online search engines to ensure that there is no other website under the name of the authorized institution in question.
Beware! Swindlers often use a web address that is very close to that of the official site of the institution whose identity they have stolen, just adding a hyphen to the address, using a different extension (.com instead of .be, for example), etc., or they steal the identity of an institution that does not use a website. - Compare the official information with the facts you have been presented. For example, if your interlocutor claims to represent a foreign bank but offers you the products of an institution governed by Belgian law, make sure that the information provided is consistent (Are the rates offered realistic? Are the contract details up to date?). Similarly, if your interlocutor claims to represent a bank based in Belgium but is contacting you from a foreign phone number, this should serve as a warning sign.
- Use the online tools available that allow you to verify the date when your interlocutor’s website was created. If the website is very recent, this is a significant indication that it may not be trustworthy.
- If your interlocutor asks you to deposit money into an account opened in the name of another person or company, this is clear evidence of fraud.
- If you have any doubt whatsoever about the identity of your interlocutor, please contact the FSMA using the consumer contact form.