BaFin Warns Consumers About Unauthorised Online Financial Services and Identity Fraud

The Federal Financial Supervisory Authority (BaFin) warns consumers and investors about a growing number of unauthorised financial services platforms and online investment schemes operating in Germany. Several websites, apps, and messaging groups have been identified offering banking, investment, and cryptoasset services without the required authorisation. Many operators are using cloned company details, misleading registration numbers, and identity theft to appear as legitimate firms.

Reports indicate that consumers have been contacted via emails, WhatsApp groups, and social media, often receiving offers of high-yield investments or proprietary trading plans. In some cases, operators impersonate authorised firms or financial influencers, citing fake regulatory references or licence numbers. BaFin confirms that none of the companies or individuals involved are licensed to provide financial services in Germany. Engaging with these platforms can result in serious financial and legal risks.

These schemes are often promoted through mobile apps, trading platforms, and chat groups. Victims are typically encouraged to deposit funds under the promise of exclusive investment opportunities, but access is frequently blocked after funds are transferred. BaFin reiterates that conducting banking, investment, or cryptoasset services in Germany requires explicit authorisation, and consumers should remain cautious when approached by unverifiable platforms or unsolicited offers.

Known unauthorised platforms and operators include: