FSMA Calls for Caution: Fraudsters Steal Belgian Banks' Identities for Fake Term Deposit Offers

In a latest-issued warning, the Belgian Financial Services and Markets Authority (FSMA) alerted consumers to identity theft fraudsters. The FSMA has observed several cases of theft of the identity of Belgian banks by German-speaking fraudsters, who act in such a way as to make consumers think their product offers are legitimate.

These German-speaking fraudsters are using the names of Belgian banks to create the illusion of legitimacy for their fraudulent offers of term deposit accounts.

These fraudsters use the names and other legally required details of intermediaries, mostly regulated in Germany or Switzerland, to deceive consumers into believing they hold the necessary authorizations. As a result, consumers are misled into thinking they are opening term deposit accounts with legitimate Belgian banks.

The fraudsters employ very detailed documentation to give the impression they are acting on behalf of and for the accounts of the banks. They often offer discounts or bonuses to their clients. Consumers are thus deceived, thinking they are dealing with regulated financial providers. In reality, these are criminals who have stolen the identities of legitimate institutions.

In some cases, the fraudsters create websites with addresses that match the names of the stolen intermediaries, adding another layer of deception.

FSMA gives tips: How to avoid the trap

• 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.