In less than a month, hundreds of thousands of Belgian Facebook users were exposed to fraudulent financial advertisements, often masquerading as legitimate banks, media outlets, or investors, according to an investigation by De Tijd.
The report sheds light on a growing online scam problem that appears to target vulnerable demographics, especially older users.
The newspaper examined Meta’s advertising library, a transparency tool required under the European Digital Services Act (DSA). The DSA mandates that all online ads must remain publicly accessible for at least a year, allowing the public to verify campaign details.
Between 1 and 28 July, De Tijd searched for Dutch-language, stock-related advertisements aimed at Belgian users across Meta’s platforms—Facebook, Instagram, and WhatsApp.
The results were staggering: 800 campaigns appeared, and after careful analysis, only one was genuine. The other 799 campaigns were likely fraudulent, collectively spawning over 6,500 individual ads.
Among the most notorious campaigns was one posing as “Euronext Brussels,” the city’s official stock exchange. This particular ad reached more than 192,300 unique users, mainly aged 65 and above.
The campaign promised investment opportunities but was, in reality, a phishing attempt designed to lure victims into financial traps.
While Meta has taken down many of the campaigns, De Tijd’s investigation revealed that 389 campaigns had already been removed or blocked by the platform. Yet the “Euronext Brussels” ad had already reached nearly 200,000 people before being deleted.
Calculating the exact total number of affected users is complicated because a single user could see multiple fraudulent ads. Nevertheless, experts warn that the scale is alarming, with the true number of exposures likely reaching into the hundreds of thousands.
Online financial scams have been a persistent issue for Belgian authorities and consumer protection groups. The Federal Police Cybercrime Unit has repeatedly warned that scammers exploit the credibility of familiar institutions to build trust before executing fraud.
Meta, the parent company of Facebook, has faced criticism in recent years over its handling of malicious advertising campaigns. The company has implemented measures such as ad verification and content review, but the July surge suggests that scammers are adapting quickly.
Under the Digital Services Act, Meta could face increased scrutiny from European regulators if fraudulent campaigns are not adequately controlled. Consumer protection advocates argue that platforms must take a more proactive role in identifying and preventing these ads before they reach users.
Experts also urge users to remain vigilant. Signs of fraudulent ads include promises of guaranteed returns, urgent calls to action, and links to unofficial websites. Seniors, in particular, are advised to verify investment opportunities with trusted institutions before clicking on any social media promotion.
As Belgian authorities continue to track the surge in online scams, De Tijd’s findings highlight the urgent need for stronger platform accountability and public awareness to prevent future financial losses.
This article was created using automation technology and was thoroughly edited and fact-checked by one of our editorial staff members
