BaFin Warns Consumers About Unauthorised Financial Services and Identity Fraud

The Federal Financial Supervisory Authority (BaFin) warns consumers and investors about a series of unauthorised financial services platforms and fraudulent schemes operating online. According to BaFin, consumers have reported receiving unsolicited investment offers via email, WhatsApp, and social media, while some platforms present themselves as affiliated with authorised firms in Germany, Switzerland, Cyprus, or the United Kingdom.

Several cases involve identity fraud, where operators impersonate legitimate companies or financial influencers. In some instances, fraudulent websites cite registration numbers or addresses associated with other authorised firms, yet no connection exists. WhatsApp groups and trading apps are also being used to promote high-risk schemes under the guise of “exclusive investment plans” or proprietary trading strategies. Victims are often lured into transferring funds based on these false representations.

BaFin reminds the public that conducting banking business or offering financial, investment, or cryptoasset services requires explicit authorisation. Consumers should always treat anonymous or unverifiable platforms, unsolicited emails, and social media investment invitations with extreme caution.

List of Known Unauthorised Platforms and Operators: