BaFin Issues Consumer Alert on Unauthorised Online Platforms and Identity-Theft Schemes

The Federal Financial Supervisory Authority (BaFin) is alerting consumers to a growing wave of fraudulent online investment schemes that rely on identity theft, fabricated endorsements and unlicensed financial services. Current findings show that multiple websites and social-media channels pose as legitimate providers, using borrowed company names, false Swiss or German business links and manipulated promotional material to appear credible.

BaFin notes that many operators reference real financial institutions or advisory firms without any actual connection, sometimes circulating fake news articles, invented product names or counterfeit broadcasts to draw in victims. In several cases, users are approached through WhatsApp groups that promote crypto purchases, “special programmes” or high-yield instruments pushed by individuals who do not exist.

These operations often redirect consumers between interconnected fraudulent sites, using staged testimonials or so-called “project” pitches to pressure them into transferring funds. None of the entities involved hold the required authorisation to offer financial, investment or crypto-asset services in Germany.

BaFin stresses that unlicensed platforms leave customers exposed, with no regulatory protection and no reliable way to recover losses.

Websites and Entities of Concern