Law360, London (October 7, 2020, 5:44 PM BST) — Victims of fraudulent online platforms that offer investments in cryptocurrencies and other financial products lost approximately €10 million ($11.7 million) in the last 17 months, the Belgian financial regulator said as it urged consumers to beware of the scams.

The platforms lure their targets through fake advertisements that typically use images of celebrities, who are probably not aware that they are being exploited. Would-be investors who click on the adverts, which are placed on social media, are phoned by the swindlers to discuss an investment offer, the Financial Services and Markets Authority said.

“These platforms often use very aggressive methods to…