Pig-Butchering Scams in the Netherlands
Long-term crypto investment romance fraud targets Dutch residents via WhatsApp and LinkedIn, using fake AFM-branded platforms to steal retirement savings.
Part of: Pig-Butchering Scams
Last reviewed: 1 June 2026
Pig-butchering scams — known in Dutch media as 'varkensslagting fraude' — have risen sharply on the Netherlands Financial Markets Authority (AFM) radar. The AFM and De Nederlandsche Bank (DNB) jointly maintain a warning register of unlicensed investment providers, with crypto-related firms representing the fastest-growing category.
Dutch victims are particularly targeted through LinkedIn, where fraudsters pose as successful crypto traders or financial analysts based in Amsterdam or Rotterdam. The Netherlands' high English-language proficiency means both Dutch and English-language platforms are used, broadening the pool of plausible criminal personas.
How this scam works on Netherlands
Initial contact arrives on LinkedIn, WhatsApp or Instagram. Over several weeks, the scammer builds a professional or romantic relationship and gradually introduces investment concepts, linking to a platform with a credible Dutch or pan-European branding and supposed AFM registration.
Deposits are made by SEPA bank transfer or iDEAL payment to a Dutch or foreign account. The platform displays growing balances in euros and claims to trade crypto futures or DeFi products. Paper gains are occasionally confirmed with a small test withdrawal, then larger deposits are encouraged.
Withdrawal of the main sum triggers requests for a 'bronbelasting' (source tax) or 'AFM compliance fee' that the victim must pay before funds are released.
Common red flags
- Investment platform not listed on the AFM warning register at afm.nl
- Contact on LinkedIn or WhatsApp pivots from friendly chat to investment within weeks
- iDEAL or SEPA payment to an unfamiliar beneficiary described as an 'investment account'
- Returns of 20–40% per month promised with no risk documentation
- Withdrawal blocked by invented tax or compliance fees
- Customer support only available on WhatsApp or Telegram
How to protect yourself
- Check the AFM register at afm.nl/registers before investing with any firm
- Review the AFM's warnings list at afm.nl/waarschuwingsregister
- Never send iDEAL or SEPA payments to investment accounts recommended by online contacts
- Consult a licensed Dutch beleggingsonderneming (investment firm) registered with the AFM
- Report suspicious platforms to the AFM before more victims are recruited
How to report it
- AFM: afm.nl/meldingen — submit a report of an unlicensed investment firm
- Politie: politie.nl/aangifte — file an online 'aangifte' (police report)
- Fraudehelpdesk: fraudehelpdesk.nl — specialist Dutch fraud victim support
Frequently asked questions
How do I check if an investment firm is licensed in the Netherlands?
Search the AFM register at afm.nl/registers and the DNB register at dnb.nl/register. Also check the AFM's 'Waarschuwingsregister' for specifically warned entities.