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Watch out for fraud with cryptocoins

If an online platform proposes an investment in cryptocoins or a webshop asks you to pay in cryptocoins, think again. The FPS Economy has issued a warning for frauds.

Cryptocoins, offered online, are virtual coins (e.g. bitcoins) and are not legal tender. Unfortunately, frauds have caught wind of it. Through platforms, investments in cryptocoins are offered in exchange for very high returns, for example. But when you want to collect your profit, there is no response. Victims are unable to recover their invested money and profit.

At the FPS Economy and FSMA, almost 2.2 million euros in lost amounts have already been reported by at least 118 victims in 2018. Many more victims are suspected, as only 4% of all fraud is reported.

How can I avoid this?

Follow these tips to outsmart frauds:

  1. Check your counterparty. Find out, among other things, whether the website is fraudulent on temooiomwaartezijn.be.
  2. Never share personal data. Never give a copy of your identity card, photograph or proof of domicile.
  3. Demand clear and understandable information, and never accept an offer too readily.
  4. Be aware of promises of huge profits. If the return is too good to be true, it probably is.

Report fraud

Are you the victim of fraud, lodge a complaint with the local police and report it to FPS Economy.