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Fraud recovery in Belgium operates through three parallel channels: criminal proceedings initiated through the Local Police or Federal Police and the Procureur du Roi / Procureur des Konings (Public Prosecutor), civil litigation before Belgian civil and commercial courts, and regulatory complaints to the FSMA. The FSMA exercises supervisory authority across the financial sector – investment firms, CASPs under MiCA, forex platforms, and financial intermediaries – maintaining registers of authorised entities, publishing investor warnings, and accepting complaints and signals from consumers. Belgium’s digital police portal allows non-urgent reporting in Dutch, French, and German. Recovery outcomes depend on the fraud type, the speed of criminal complaint filing, the identifiability and asset position of the fraudster, and whether institutional liability claims are available against regulated entities. All formal proceedings are conducted in one of Belgium’s three official languages – Dutch, French, or German – depending on the judicial district.
The FSMA (Financial Services and Markets Authority / Autorité des services et marchés financiers / Autoriteit voor Financiële Diensten en Markten) regulates and supervises investment firms, investment services, and financial products in Belgium. The FSMA maintains registers of authorised entities, publishes warnings on unlicensed providers, and accepts complaints and signals from consumers regarding supervised entities.
Where an investment company, fund, intermediary, or unlicensed entity offered investment products or services in violation of Belgian financial law, complaints are filed with the FSMA. For criminal fraud – misappropriation of invested funds, false representations about returns, Ponzi structures, fake trading platforms, or fabricated investment products – a criminal complaint is filed with the Local Police or Federal Police, with Belgium’s digital police portal available for non-urgent reporting. The Procureur du Roi handles criminal prosecution through Belgium’s police–prosecutor–court chain. ConsumerConnect and FPS Economy provide an additional reporting channel for suspicious investments and consumer fraud.
The FSMA is the competent authority for crypto regulation in Belgium. The FSMA served as the registration authority for Belgian VASPs under the AML regime and, under the law of 11 December 2025, became the competent authority for MiCA/CASP authorisation and supervision in Belgium.
Where a crypto operator claims registration or authorisation in Belgium as a VASP or CASP, or unlawfully offers crypto services to Belgian clients, complaints are filed with the FSMA. For crypto scams, fake exchanges, blocked withdrawals, wallet theft, or investment fraud linked to crypto, criminal complaints are filed with the Police and referred to the Public Prosecutor.
The FSMA exercises supervisory authority over forex, CFD, and binary options platforms as financial instruments in Belgium. The FSMA has publicly stated that it has detected considerable fraud in the binary options and forex sector and systematically publishes warnings on fraudulent platforms.
Where a forex or CFD provider claims Belgian authorisation, markets products in Belgium, or acts unlawfully toward Belgian clients, complaints are filed with the FSMA. For boiler room fraud, manipulated accounts, blocked withdrawals, or fake platforms, criminal complaints are filed with the Police. The Public Prosecutor handles criminal prosecution of forex-related fraud schemes.
The IPI / BIV (Institut professionnel des agents immobiliers / Beroepsinstituut van Vastgoedmakelaars) is the professional body and disciplinary authority for real estate agents in Belgium. The IPI controls access to the profession, monitors compliance with professional rules, and handles complaints against estate agents. FPS Economy confirms that complaints regarding violations of the code of ethics are filed with the IPI.
Where fraud involves a registered real estate agent or property manager – unprofessional conduct, ethical violations, or breaches of professional rules – complaints are filed with the IPI/BIV. For criminal fraud including fake listings, deposit fraud, forged sale documents, rental scams, or identity fraud, criminal complaints are filed with the Police and referred to the Public Prosecutor. Civil claims for recovery of deposits, damages, rescission, or contractual disputes are brought before the Civil Court or Tribunal de l’entreprise / Ondernemingsrechtbank (Business Court) for commercial disputes.
Where an international transaction with a Belgian company results in fraud – non-delivery, document fraud, payment diversion, or a fictitious supplier – criminal complaints are filed with the Police through the digital portal (available in Dutch, French, and German) and referred to the Public Prosecutor for investigation.
Civil proceedings for contractual recovery, damages, and asset attachment are brought before the Civil Court or Tribunal de l’entreprise / Ondernemingsrechtbank for corporate and commercial disputes. Where the matter qualifies as a cross-border consumer dispute within the EU, ECC Belgium (European Consumer Centre) may provide additional support – though this channel does not apply to purely criminal fraud matters.
Where a company in which funds were invested enters insolvency and there are indicators of fraudulent bankruptcy – concealment of assets, sham insolvency, asset stripping, or false accounting – the Tribunal de l’entreprise / Ondernemingsrechtbank (Business Court) is the competent court for insolvency and bankruptcy matters in Belgium.
Criminal complaints for fraudulent bankruptcy, concealment of assets, and false accounting are filed with the Police and referred to the Public Prosecutor. Court documents must be in the language of the relevant judicial district – Dutch, French, or in limited cases German.
Where a buyer made prepayment and received no goods or services – and the supplier acted with deception from the outset – criminal complaints are filed with the Police and referred to the Public Prosecutor. Civil proceedings for recovery of the prepayment, contractual damages, and interest are brought before the Civil Court or Business Court.
Where the dispute has a consumer dimension, ConsumerConnect and FPS Economy provide an additional reporting channel. For cross-border consumer disputes within the EU, ECC Belgium may offer supplementary assistance.
Phishing, online banking fraud, credential theft, malicious messages, and social engineering attacks are reported to the Police for formal criminal complaints. In parallel, incidents are reported to Safeonweb and the Centre for Cybersecurity Belgium (CCB) – Belgium’s official national cyber information and reporting ecosystem for phishing alerts, cyber incidents, romance scams, and suspicious campaigns.
Where phishing resulted in compromised cards, bank credentials, or payment app access, the servicing bank or Card Stop must be contacted immediately. Official Belgian anti-fraud guidance requires urgent blocking of payment instruments through the bank or Card Stop. The police digital portal for non-urgent reporting is available in Dutch, French, and German.
Where a company in which funds were invested engaged in fraudulent financial reporting – false annual accounts, concealment of income, deception of investors, or criminal accounting fraud – criminal complaints are filed with the Police and referred to the Public Prosecutor as the primary authority for prosecution.
If the company or scheme falls within the FSMA’s supervised financial perimeter, the FSMA is notified in parallel. Civil proceedings for investor damages are brought before the Civil Court or Tribunal de l’entreprise / Ondernemingsrechtbank.
Romance scams and social media fraud – including impersonation, fabricated identities, emotional manipulation for financial extraction, and online extortion – are reported to the Police for formal criminal complaints. Safeonweb and the CCB publish dedicated guidance on romance scams and provide an official state reporting channel for cyber-enabled fraud. The Public Prosecutor handles criminal prosecution where a case is opened.
Where funds were transferred through Belgian bank accounts, the servicing bank and Card Stop should be contacted immediately to flag the receiving accounts and block compromised payment instruments.
The FSMA exercises conduct supervision over financial services in Belgium. For consumer-facing banking and financial disputes, Ombudsfin (Ombudsdienst voor financiële diensten / Service de médiation pour les services financiers) is Belgium’s official mediation service, accepting complaints in Dutch, French, German, and English through its multilingual platform.
The first step in any banking or card fraud matter is immediate notification to the servicing bank, card issuer, or Card Stop to block compromised accounts and payment instruments, initiate transaction recall, and file an internal fraud report. Official Belgian anti-fraud guidance requires urgent contact with the bank or Card Stop. Where the institution fails to resolve the complaint adequately, the matter is escalated to Ombudsfin for mediation or to the FSMA for supervisory review of regulated conduct. Criminal complaints for card fraud, account takeover, phishing-linked bank theft, or unauthorised transactions are filed with the Police and referred to the Public Prosecutor.
Report the fraud to the Local Police or Federal Police immediately. Belgium’s digital police portal is available for non-urgent reporting in Dutch, French, and German. Provide all available evidence: contracts, payment records, communications, transaction references, and identity information for the counterparty. The police report initiates the police–prosecutor–court chain and unlocks investigative tools including bank record production, platform disclosure, and cross-border cooperation requests.
If the fraud involves an investment firm, CASP, forex platform, or financial intermediary, file a complaint with the FSMA. For cybercrime, report in parallel to Safeonweb and the CCB. For consumer fraud, report through ConsumerConnect and FPS Economy. Regulatory notification creates an enforcement record and may trigger supervisory investigation of the entity’s compliance with Belgian financial law.
Contact your bank or payment provider immediately to restrict compromised accounts and initiate recall or chargeback procedures for fraudulent transactions. If a card or payment app is compromised, contact Card Stop immediately to block the payment instrument. Official Belgian anti-fraud guidance makes bank and Card Stop notification the first operational priority.
Check the counterparty’s registration, status, and any insolvency proceedings through Belgian company registers and the Tribunal de l’entreprise records. Insolvency or dissolution entries identified at this stage inform the enforcement strategy and determine whether asset preservation measures are necessary.
Save all communications, contracts, invoices, payment confirmations, website screenshots, email headers, and transaction records without alteration. Digital evidence is critical for both criminal investigation and civil proceedings and may become inaccessible if platforms delete accounts or the counterparty destroys records. Evidence preservation should begin immediately upon discovery of the fraud.
Criminal complaints filed with the Police and referred to the Procureur du Roi initiate formal investigation under Belgian criminal law. Relevant offences include fraud, computer fraud, document fraud, identity fraud, money laundering, and fraudulent bankruptcy. Criminal proceedings provide access to investigative tools unavailable in civil litigation – bank record production orders, platform identity disclosure, telecommunications data, and international judicial cooperation through mutual legal assistance treaties and EU instruments.
Civil proceedings before the Civil Court or Tribunal de l’entreprise / Ondernemingsrechtbank (Business Court) are available for contractual claims, damages, restitution, unjust enrichment, and rescission of fraudulent transactions. Asset attachment and preservation orders can be obtained to prevent dissipation of assets during proceedings. Civil litigation targets the fraudster and, where applicable, institutions that failed to prevent the fraud – including claims against banks and payment institutions for breach of their obligations under Belgian financial law.
Ombudsfin provides official mediation for banking and financial service disputes in Belgium. The service accepts complaints in Dutch, French, German, and English. Mediation through Ombudsfin can resolve disputes with banks and financial institutions without court proceedings, though it does not preclude subsequent civil litigation if mediation does not achieve a satisfactory outcome.
Complaints to the FSMA create enforcement records that contribute to supervisory action against the entity. Regulatory proceedings can result in licence suspension or revocation, fines, public warnings, and mandatory corrective measures. FSMA regulatory findings may support civil claims by establishing that the entity breached its supervisory obligations under Belgian financial law.
Criminal complaints filed within hours of discovery give investigators the best chance of tracing funds before they are moved or layered through intermediary accounts. Bank recall mechanisms and Card Stop blocking are most effective when initiated immediately after the fraudulent transaction. Regulatory notifications filed promptly create contemporaneous records that strengthen both criminal and civil proceedings.
Named counterparties with identifiable assets in Belgium – bank accounts, real property, registered companies, vehicles – are the most viable targets for civil recovery and enforcement. Where the fraudster operated anonymously or through shell structures, criminal investigation through the Police and Public Prosecutor is the primary identification tool through bank records, platform data, and telecommunications records.
Where a regulated institution – bank, payment institution, investment firm, forex platform, or CASP supervised by the FSMA – failed to comply with its supervisory obligations, institutional liability claims provide an alternative recovery path against a solvent, regulated defendant. These claims do not depend on the fraudster’s identifiability or asset position and are particularly relevant where the fraudster has absconded or dissipated assets.
Belgium operates in three official languages – Dutch, French, and German. Court proceedings are conducted in the language of the judicial district. Police digital reporting is available only in these three languages. Regulatory complaints and formal filings must be in one of the official languages. Engaging local counsel familiar with the language requirements and judicial district procedures is a critical factor in effective recovery.
Fraud recovery in Belgium operates through criminal proceedings, civil litigation, mediation, and regulatory complaints – each channel serving a distinct function in identifying the fraudster, preserving assets, and achieving financial recovery. The FSMA supervises investment firms, CASPs, forex platforms, and financial intermediaries. The Police and Public Prosecutor handle criminal investigation and prosecution across all fraud types. Safeonweb and the CCB provide national cyber incident reporting. Ombudsfin offers official mediation for banking and financial disputes.
Speed of reporting determines outcomes across all channels. Criminal complaints filed immediately preserve the investigative window for fund tracing and asset identification. Bank recall and Card Stop blocking lose effectiveness with each hour of delay. Evidence preserved at the point of discovery – contracts, communications, transaction records, digital forensic data – forms the foundation for every recovery action. All formal proceedings require filings in Dutch, French, or German depending on the judicial district, making early engagement of local counsel essential.
If you suffered financial losses through fraud involving Belgian companies, institutions, or counterparties, contact Veritas Advisory Group to have your legal position assessed.
Veritas Advisory Group provides professional legal and advisory services to victims of investment and trade fraud in Europe. This article is for informational purposes only and does not constitute legal advice.
