Erscheinung:17.02.2025 | Topic Unauthorised business, Consumer protection SimCorp: BaFin warns about identity fraud
The financial supervisory authority BaFin warns against investment offers, in particular via WhatsApp, which allegedly originate from SimCorp GmbH, Bad Homburg, or another company of the SimCorp Group. According to their findings, unknown persons using unauthorised names and photos of members of the SimCorp Group are providing financial and investment services without permission. In particular, they offer the brokerage of pre-IPO shares in connection with upcoming IPOs. This is a case of identity fraud.
Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation
The information provided by BaFin is based on 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.
