Erscheinung:17.10.2024 | Topic Unauthorised business, Consumer protection Identity theft: BaFin warns consumers about the website fips-finance.com
The Federal Financial Supervisory Authority (BaFin) has information that the company FIPS Finance & Development is providing financial services in Germany on its website fips-finance.com without the required authorisation. The company is not supervised by BaFin. Customers are incorrectly led to believe that the website is operated by an Austrian company that is registered in the Austrian company register. This is not the case. It is a case of identity fraud.
Anyone wishing to conduct banking business or provide financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation.
BaFin is issuing this information on the basis of section section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).
Please be aware:
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
