Pig-Butchering Scams in Belgium
Long-con romance-investment fraud targeting Belgian residents in French and Dutch, funnelling EUR into fake crypto platforms via Bancontact and bank transfer.
Part of: Pig-Butchering Scams
Last reviewed: 1 June 2026
Belgium's bilingual population (French-speaking Wallonia and Dutch-speaking Flanders) is targeted by pig-butchering operations that adapt their language and cultural references accordingly. Scammers pose as affluent Belgian or EU-based finance professionals and build trust over weeks before introducing fraudulent investment portals denominated in EUR.
FSMA (Financial Services and Markets Authority) regularly updates its warning list of fraudulent platforms, and Belgian victims have reported losses ranging from thousands to hundreds of thousands of euros. The fraud tends to cluster in urban centres such as Brussels, Antwerp, and Ghent.
How this scam works on Belgium
Contact arrives via WhatsApp, LinkedIn, or dating platforms. The scammer speaks polished French or Dutch and may claim to work in Brussels' EU institutions or financial sector, lending credibility.
Victims are shown the 'investment platform' over WhatsApp screen share and asked to fund an account via SEPA transfer or Bancontact to a 'segregated client account'. Paper profits accumulate, encouraging larger deposits.
Withdrawal triggers invented FSMA compliance fees or 'Belgian withholding tax deposits' framed as regulatory requirements, pressuring victims to pay more to release funds.
Common red flags
- Platform absent from FSMA's warning list or authorised-firms register at fsma.be
- Contact who transitions from social conversation to investment mentorship after a few weeks
- Request to transfer EUR via Bancontact or SEPA to a private individual rather than an authorised entity
- Withdrawal blocked by invented FSMA regulatory fees
- Scammer claims to work at EU institutions in Brussels but cannot verify details
- Unusually high guaranteed returns quoted in EUR
How to protect yourself
- Check FSMA's warning list at fsma.be/en/warnings before investing via any online platform
- Never transfer EUR to a private account on the instruction of an online contact
- Contact Test-Aankoop (Belgian Consumer Association) for guidance at test-aankoop.be
- Verify investment contacts via spontaneous, unscheduled video call
- Use a licensed Belgian investment adviser (beleggingsadviseur/conseiller en placement) for second opinions
- Report suspicions to FSMA before making further deposits
How to report it
- Report to FSMA at fsma.be/en/contact
- File a complaint with the federal judicial police at polfed.be
- Contact your bank immediately to attempt reversal of recent SEPA or Bancontact transfers
Frequently asked questions
Is a platform labelled 'FSMA-compliant' by a salesperson automatically legitimate?
No. Scammers frequently claim false regulatory compliance. Always verify independently at fsma.be rather than taking a salesperson's word.