Erscheinung:22.05.2025 | Topic Unauthorised business, Consumer protection Identity fraud: BaFin warns consumers against offers from Financial Star Inc. and the app FS Glows
The financial supervisory authority BaFin warns against offers from Financial Star Inc. and against the app FS Glows. According to their findings, the company offers share recommendations and so-called day trading via various WhatsApp groups using alleged institutional accounts in the app FS Glows. The unknown operators also maintain the websites waystonevote.net, waystonevote.online and waystone.digital. The services are not actually being offered by Waystone Investment Management (IE) Limited, German Branch. 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. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.
The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).
Please be aware:
BaFin urges caution against stock recommendations in WhatsApp groups.
In the ‘Recognising financial fraud’ section, you will find the latest warnings from BaFin about unauthorised companies and find out how you can protect yourself from further scams on the financial market.
