A WhatsApp group with investment tips? What happens to your money if you're not paying attention

A message from an unknown number, a friendly chat and before you know it, you're in a chat group full of people who seem to know more than Warren Buffett. Investment group scams on WhatsApp do not feel like fraud. And that's exactly why so many people fall for them.

Fake investment groups on WhatsApp are one of the fastest-growing forms of investment fraud in Belgium. In the second half of 2025, victims lost more than €9.5 million, with an average of €73,000 per person (source). What makes this fraud so dangerous is not so much the technology behind it, but the patience with which fraudsters approach and manipulate their victims. The key reason driving the upward trend is simple: messaging platforms like WhatsApp, Signal and Telegram are free, anonymous and have a global reach. For fraudsters, they are the ideal workspace: all they need is a smartphone and a good script.

But fraudsters are also responding to a real need. If you leave your savings in a savings account, you lose purchasing power. The search for returns is understandable, and that's precisely what fraudsters are exploiting. They appear to be facilitating easy access to high profits, wrapped in an atmosphere of exclusivity and trust.

What sets this type of fraud apart is the approach. The fraudsters are professional and well organised. Sometimes, there are structured networks with thousands of employees working for the groups, often as forced labour (source).

How do you end up in such a group?

There are a number of different ways. False ads on Facebook and Instagram lure people into fraudulent WhatsApp groups. VRT NWS found more than 15,000 different advertisements targeted at Belgians on social media, almost 10,000 of which were in Dutch (source). These ads are viewed millions of times a month. The fraudsters often use the logos and names of Belgian banks, financial newspapers, well-known faces or legitimate investment platforms.

In addition to advertisements, there are other channels that are used: an unknown person sending you a message with a 'wrong number' excuse and starting a chat with you, a referral through someone who is already in the group (and who is also a victim without realising it) or a LinkedIn contact inviting you to join an 'exclusive network of investors'. Fake reviews and testimonials are also sometimes used to boost credibility, with people saying how much they've already earned, complete with screenshots of the alleged gains.

The structure of the scam: slow, methodical, targeted

Once the victim is in the group, a carefully orchestrated process begins. In the world of fraud, this is known as 'pig butchering': the victim is first fattened with confidence before being 'slaughtered'.

The build-up always occurs in phases:

Phase 1: No one deposits thousands of euros at once. Fraudsters know that – and that's why they first spend months building trust. The group seems active and successful. Free analyses are shared, market updates given, tips for shares or crypto posted. A so-called expert – a 'former banker', an 'AI trading system', a 'former Goldman Sachs analyst' – starts testifying on the topic. The tone is calm and professional. No one asks for money right away.

Phase 2: Small profits are shown. You are encouraged to invest a small amount. You can see your balance growing on the platform. You may even be allowed to withdraw a small amount to prove that it works. Fraudsters sometimes allow small initial withdrawals to build trust before blocking access with larger amounts.

Phase 3: Escalation. Now that trust has been established, the pressure intensifies. A 'unique opportunity' that is only available for a limited time is posted. Other group members share how much they've earned. The moderator recommends making a quick top-up to achieve an even higher return. The fraudsters sometimes even encourage victims to take out a personal loan or liquidate assets. The combination of emotional manipulation and manufactured financial success relegates the victim into a spiral.

You are never alone

One of the most deceptive elements of this fraud is the group's social dynamics. You'll see dozens of other participants sharing earnings, asking questions and celebrating success. What you don't know is that most of them are bots or accomplices of the fraudsters.

This social pressure is no coincidence. When everyone around you seems to be making a profit, you feel like the exception if you hesitate. And that's precisely the intention. Psychologists call this social validation: looking at the actions and behaviour of others to determine your own. Fraudsters abuse this instinct on an industrial scale. AI also makes the scams more credible: fake profiles are fed with realistic photographs and personal details, conversations are generated automatically and deepfake videos give the 'expert' a face.

How does your money disappear?

At some point, you decide to withdraw your profit. This is when the real game begins. Fraudsters establish artificial thresholds. You have to pay verification fees or other charges if you want to withdraw your money. After you pay such fees or charges, the fraudsters then introduce new fees. Each threshold is designed to elicit more money. If you refuse or ask too many questions, the fraudsters disappear and the accounts are deleted. In the meantime, your money is long gone. Crypto payments are virtually impossible to reverse. And foreign accounts are often outside the scope of Belgian authorities.

Red flags you should not ignore

You are added to a group unsolicited. Legitimate investor communities do not operate through random invitations or unknown numbers.

Promises of high or guaranteed returns. There are no guaranteed returns with real investments – especially not in the short term.

Pressure to act quickly. Time limits, exclusive opportunities or messages like 'this is only available today' are classic manipulation techniques.

An expert who cannot be verified. No official profile, no licence, no trace outside the chat group. Names of well-known banks or analysts are often misused.

An unknown platform. You have to deposit money through a website or app you have never seen before and that is not affiliated with a recognised financial institution.

Payment via crypto or foreign accounts. These transactions are difficult to trace and virtually irreversible.

Withdrawals are suddenly no longer possible. A minor withdrawal is possible at first, but then suddenly there are 'taxes', 'verification fees' or other unexpected costs that must be paid.

Too many success stories. If everyone in the group is constantly making a profit, something is wrong.

What should you do if you end up in such a group?

• Leave the group immediately and block any contacts who have led you into it.
• Report the group via WhatsApp, Signal or Telegram.
• Send the phone number or the advertisement to verdacht@safeonweb.be.

If you've already deposited money, contact your bank immediately and file a police report. The faster you act, the greater the chance – no matter how small – that you can recover your money.

Stay safe online with Keytrade Bank

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