How to spot a crypto scam before you pay

Most victims of crypto fraud are not stupid. They are people who got a message at a quiet moment that seemed to add up perfectly. That is what makes the trick so good, and it is exactly what I want to help you prevent here.

This piece covers the forms you will run into most often, how to recognise them and what to do if you have already paid.

How big is it

The Dutch Fraud Helpdesk counted 101,734 reports in the Netherlands in 2025, up from 63,469 a year earlier. There were 15,116 victims with financial losses and total losses came to about 68.5 million euros. Crypto investment fraud alone caused more than 23 million euros of that.

In Belgium, the FSMA counted at least 38.3 million euros lost to online investment fraud in 2025 and 2,911 reports, 11 percent more than in 2024. Crypto and fake platforms account for almost half of the reports. In the last six months of 2025, people lost more than 9.5 million euros to fake advice in WhatsApp groups, on average 73,000 euros per victim, mostly men over 50.

The forms you will meet

Fake investment platforms. You see an ad or get a phone call, leave your details and receive a polished dashboard where your profit seems to grow. That profit only exists on the screen. The Dutch regulator AFM names offers through fake Facebook ads as a recurring pattern. The Belgian FSMA also warns about fake platforms backed by forged press releases and articles.

Romance scams. Someone contacts you through a dating app or social media, builds trust for weeks and then brings up an investment. The FSMA specifically warns about contacts from dating apps who steer you towards investments. The Fraud Helpdesk counts questions about whether an online partner is real as a separate reporting group.

Fake support and fake staff. Fraudsters pose as a regulator or a help desk. The FSMA reports that they are currently posing as FSMA staff, and real addresses end in @fsma.be. The AFM warns that it is being impersonated too.

Phishing. An email or text, often in the name of your bank or an exchange, with a link. The AFM advises against clicking links in unexpected emails, even if they look like they come from your bank. Go to the official site or app yourself.

Rug pulls. A team creates a new token, builds hype and pulls the money out of the pool once enough people have put money in. The token is then worth nothing. Reliable Dutch or Belgian figures on rug pulls do not exist, so I will not quote any.

Deepfake influencers. The idea is a famous face in a video promoting a platform. That this is possible is well known. For the Netherlands and Belgium there are no figures or regulator reports that back it up, so I will leave it at this warning: a familiar face in an ad is not proof.

Red flags

In its warnings about crypto fraud, the FSMA names, among other things:

• contact through social media ads or cold calls,
• promised returns that look strangely high, sometimes around 8 percent a month,
• the claim that your money is fully protected, even if the market collapses,
• withdrawing money supposedly takes "just a few clicks",
• small payouts up front to build trust so you put in more,
• fees or taxes you must pay first before profits are released,
• a company that is new or cannot be clearly identified.

A claimed licence is no proof either. According to the FSMA, such a claim is often identity theft. Check with the regulator.

How to check

In the Netherlands, check a provider in the AFM licence registers, under "Check je aanbieder", and look at the warning list. In Belgium, use the FSMA's "Check uw aanbieder" and its list of companies operating irregularly. In July 2026 the FSMA issued a warning about unlicensed crypto service providers. A company that is not on a list is not automatically trustworthy.

If it goes wrong in the Netherlands

• Contact your bank straight away.
• Collect evidence: screenshots, emails, messages, account numbers and wallet addresses.
• Report it to the police. According to the Dutch government you can also report online fraud through Mijn Politie. Without a report the police cannot investigate.
• Call the Fraud Helpdesk on 088 7867372 or report through fraudehelpdesk.nl. They advise victims and refer them on.
• Talk to Slachtofferhulp (Victim Support) if it hits you hard. That is the case for many victims.

If it goes wrong in Belgium

• Block your card through Card Stop on 078 170 170 and call your bank.
• Collect evidence and report it to your local police. Ask for proof of your report and give a copy to your bank.
• Forward suspicious messages to verdacht@safeonweb.be and report the fraud to Safeonweb.
• Send information about investment fraud to the FSMA through its contact form.

Anyone who is offered to get the money back in return for an advance payment should let the alarm bells ring. Up front fees are one of the red flags above.

This is general explanation and not legal or financial advice. If you want to know whether your situation can be fixed, ask the police or a lawyer.

Sources

• Dutch IT Channel: Fraud Helpdesk figures 2025, 22 February 2026
• Fraud Helpdesk: report and contact
• AFM: warnings for consumers
• VRT NWS: online investment fraud in figures, 22 January 2026
• FSMA: warnings
• FSMA: cryptocurrency fraud, don't be taken
• BNP Paribas Fortis: scammed online, step by step
• Rijksoverheid: what to do about possible identity fraud