News In Brief - October 6, 2021

October 6, 2021
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There has been a dramatic increase of 60 percent in fraud cases between the first half of 2020 and the first half of 2021, the Belgian financial regulator has warned.

First Half Of 2021 Sees 60 Percent Increase In Fraud For Belgium

Belgium’s Financial Services and Markets Authority (FSMA) received 1,087 questions and reports from consumers about fraud and illicit offers of financial products and services during the half of 2021, it announced this week.

This constitutes a 60 percent increase compared with the same period in 2020.

Online fraudulent platforms that offer trading in binary options, forex and contract for differences have been the main culprits for the spike in fraud.

However, the FSMA has also warned that the threat from cryptocurrencies continues to develop. One of the characteristics of these platforms is that they attract consumers via bogus ads on social media.

This echoes a recent speech by Charles Randell, the chair of the UK’s Financial Conduct Authority and Payment Systems Regulator.

He cautioned that although social media platforms' attempts to take on fraud are welcome, a permanent and consistent solution to the problem of online fraud from paid-for advertising requires new legislation.

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