Belgian Authorities Launches Website to Warn Public About Crypto Scams, Risks

Article by · June 6, 2018 ·

The authorities in Belgium have launched a website that will help educate the masses about the risks associated with cryptocurrency investments. This was made known by the FPS Economy (FPS) in a public statement yesterday.

The agency noted that the sharp rise in interest of cryptocurrency investments which they believe causes a lot more people to be scammed.” Reports by the agency revealed that investors in the country have recorded losses to the tune of €2.2 million ($2.5 million) in crypto scams last year. The FPS added that this is only a fraction of what happened since only 4% of crypto fraud cases are reported, according to their estimations, investors in Belgium lose about €130 million ($152 million) to scam crypto projects per year.

The website which has been named “Too Good to Be True” was designed by the FPS Economy and the Federal Services and Markets Authority (FSMA). The agencies warn the public about the risks involved in cryptocurrency investments, adding that fraudsters usually promise their victims big profits and most of the time they seem reliable. For potential cryptocurrency investors, the site encourages them to conduct research about a project before investing in it, adding that they should also be “cautious when paying online with cryptocurrencies.”

There is a portal on the site where users can report cases of suspicious companies, with a scanner added on the website screen for users to lodge complaints of fraud. Information on the site reveals that even if a company claims not to be involved in cryptocurrency scams, it doesn’t necessarily mean that the project has a valid license and would require additional consideration. The site added that companies sometimes change their names so as to avoid being listed as a scammy or fraudulent company.

Belgium isn’t the first country to make this move. In May, Office of Investor Education and Advocacy at the US Securities and Exchange Commission (SEC) designed a fake initial coin offering (ICO) website with the aim of increasing awareness of the public about the warning signs of fraudulent ICOs while also promoting investor education. The website has some interesting contents such as archetypical details of a scam ICO such as a blurry or false whitepaper, guaranteeing investors returns, and sometimes celebrity endorsements.

 

2 Comments

  • comment-avatar

    That’s interesting content …
    I added your website into my favourites.
    P.S.: Excited for future updates.

    Regards,
    Travis

  • comment-avatar

    I recently wondered if you’ve planned any marketing yet for your site. I’m self-employed achieving this for various businesses for a number of years now, I feed my family doing it so I won’t complain. I have a way of getting immediate interested traffic and buyers to your website through social media marketing channels and email. In addition to getting more likes, followers for your entire lot of social media accounts. I have a brand new program that’s just been completed that listens to all or any social mentions being made, if a certain word or phrase is detected, we instantly send back to them a message that they should visit your site. We could use as numerous search terms as we would like, 100’s of targeted visits a day. I can also help you to make/update your site, fix site errors add updates etc. If you may want it.

    In addition to that, I’d also like to find out what your competitors have implimented that we havn’t done yet and address those issues asap. I’d also like to produce a video or 2 about your website and get them to rank high pretty quickly. Lastly I have a big database of opt in customers that are thinking about what it is you do, so if you’d like to expand your overall newsletter list i’d like to know, I can enable you to get these records whenever you’d like them. They’d get you instant leads by supplying you with a set of people or businesses that are searching for exactly what it is you’re offering.

    I take advantage of tools a good number of people don’t learn about or don’t have the time to use for themselves and I want to use them for your site. If your’re to busy with current clients I understand, I was just wondering was all. Let me know if you’d like more details or references, I do have more than I know what to do with.

    Winston
    1.319.423.9473


Leave a comment