Fake banks and brokers: How can you check whether a provider is genuine?

You can recognise a fake banknote by looking at the watermark. But how can you recognise a fake bank if it is using the same name, logo and even licence as the real one? More and more fraudsters are adopting this approach, and they're often remarkably successful. Here's how to recognise the warning signs.

Security experts call it cloned firm fraud – fraudsters impersonate an existing, licensed financial institution to make their victims believe they are dealing with someone they can trust. They copy the name, logo, address, licence number and sometimes even the names of real employees.

The method proves deceptive because it plays on the reflex that protects you – if you search for the name, you'll find a real company with a real licence. The fraudsters even refer to the website of the FSMA (the Belgian financial supervisory authority), where the licences for real companies can be found. While the licence may be genuine, the person pointing you in that direction is not.

From investment platforms to the FSMA

This phenomenon has since become a widespread issue of concern. At the end of August 2026, the FSMA issued a new warning about WhatsApp groups in which fraudsters impersonated employees of a Belgian investment platform and a British asset manager (source). They promised a 360% return in three to four months through an 'AI-based system', and had victims install a trading app only after they had transferred funds (source).

Fraudsters are even cloning the regulator, with the FSMA issuing a warning on its own website that fraudsters are pretending to be FSMA employees (source). In April 2026, the National Bank of Belgium also saw fake publications generated by AI impersonating the National Bank and Governor Pierre Wunsch (source).

The numbers show just how big a problem we are facing. In the first half of 2026, the FSMA received 1,277 reports from consumers about illegal activities, and the FSMA issued warnings about 157 fraudulent entities and 185 websites. Belgian consumers reported more than €12.7 million in losses over the six-month period, of which almost €8.5 million was lost on fraudulent trading platforms and in cryptocurrencies (source).

How do you get caught up in cloned firm fraud?

It often starts with an ad on Facebook, Instagram or in Google search results, with the logo of a well-known bank or broker. In 2025, VRT NWS found more than 15,000 such false advertisements (source). Clicking on such fake ads takes you to a website that looks just like the real thing, or to a chat group where an 'adviser' takes over the conversation.

A newer, more technical ploy is aimed at anyone running the search themselves. In August 2026, researchers discovered a technique that pushes counterfeit bank websites higher up the search results when people search for terms such as 'customer portal' or 'login'. Those who click on the search result are taken to a perfect copy of the bank's login page.

What's more, the traditional approach of an unsolicited phone call or email from a 'bank employee' offering an attractive proposal for a term-deposit account, bond, investment plan or loan is still in use. Fraudsters are even sending out fake contracts purportedly drawn up by notaries (source).

Why traditional checks are no longer enough

In the past, you could recognise a fraudster by an unknown name, an amateur website or a missing licence. However, everything seems to look right with cloned firms – the name is well-known, the website looks professional and the licence exists. The problem lies not in the identity of the company, but in whether you are actually talking to that company.

This shift in mindset requires a different reflex. Instead of asking "Does this company exist?", the question you should be asking yourself is, "Does this channel, this person or this account number really belong to that company?"

How to check whether a provider is genuine

1. Always start from the official channel, never from a link you have received

Type the bank or broker's website into your browser or use the app you have already downloaded from the official app store. Never click on a link from an ad, search result, email or chat message to log in or pay, even if it looks perfect.

2. Check the domain, not the page

A website's most reliable element is the domain, i.e. the part just before the extension (.be, .com, .eu), which itself is found just before the first slash. In keytradebank.be, the domain is 'keytradebank'. In keytradebank.secure-login.com, the domain is 'secure-login', which is not your bank. You should also pay attention to subtle changes such as an extra hyphen, one letter too many, an uppercase i instead of a lowercase l, or an rn instead of an m.

3. Compare the contact details with the information held by the supervisory authority

Search for the company using the 'Check your provider' search function on fsma.be and compare the phone number, email address and website you can find there with the information you have received. If they are different, you are almost certainly dealing with a clone. Also check out the FSMA warning list, but remember that it is not exhaustive. Just because a name doesn't appear on the list, doesn't mean that it can be trusted.

4. Call back using the official number

If you are contacted by an 'employee', hang up and call the institution back using the number listed on its official website. Ask whether the offer and the person are known. A real employee won't have any problem with you doing so, while a fraudster will try to stop you.

5. Look at the account number

A licensed Belgian bank or broker will never ask you to transfer money to an account in the name of a private individual, to an account abroad that does not have a clear link with the institution, or to a crypto wallet. The account number to which you are asked to transfer funds often reveals the fraudster faster than the website.

6. Be suspicious of any unsolicited proposal

Licensed institutions do not onboard customers through WhatsApp groups, Telegram channels or unknown numbers. An offer that you didn't seek out for yourself always deserves added attention, no matter how familiar the name may sound.

7. Check the app, not just the website

Only install banking and investment apps using the official App Store or Google Play Store, and check who has published it. An app that you have to download using a link, or that you can only gain access to after making a payment, should set alarm bells ringing.

TIP Not sure whether a message, phone callor email is actually from Keytrade Bank? Call us using the free Call function in the Keytrade Bank app so you canbe 100% sure you are speaking to anofficial member of staff.

Stay safe online with Keytrade Bank

At Keytrade Bank, we make security a top priority. If your bank details have been listed on a suspicious website, your personal details have been shared with an unknown person over the phone or you have spotted an unknown payment that you didn't make, call us immediately on +32 (0)2 679 90 00.