The
German Federal Financial Supervisory Authority, BaFin, has launched an
investigation into the unauthorized activities of an individual operating
through the website fx-flat.com. This website falsely offers banking
transactions and financial services without proper authorization, posing a
serious threat to consumers and the integrity of financial institutions.
The
manager behind fx-flat.com, whose identity remains undisclosed thus far, is
promoting banking services and financial transactions without the necessary
approval from regulatory authorities. Notably, FXFlat Bank GmbH has clarified
that the website is not affiliated with its operations, indicating a case of
identity theft to the detriment of the regulated financial institution.
Operating
primarily in Italian, the alleged manager, purportedly based in Ratingen, seeks
to entice consumers into opening trading accounts. The website provides false
information, including the address of the former company headquarters and the
telephone number of FXFlat Bank GmbH, misleading consumers into believing in
its legitimacy. Moreover, fx-flat.com falsely claims authorization from BaFin,
further exacerbating the deception.
In
Germany, any entity offering financial or investment services must obtain
explicit authorization from BaFin. Despite this requirement, some entities
proceed to offer services without obtaining the necessary approvals, as in the
case of fx-flat.com.
BaFin,
in collaboration with the Federal Criminal Police Office and regional law
enforcement agencies, strongly advises consumers to exercise extreme caution
when investing online.
Unauthorized Financial Operations and Identity Theft
Earlier, BaFin
issued warnings regarding unauthorized financial operations and identity theft,
as reported by Finance Magnates.
It cautioned against tradestatisticsview.com, operating without the necessary
authorization and falsely claiming a London base, with Bitcer Limited, dissolved
in 2021, involved.
An individual, using the name “Marc Friedrich”
without authorization, was found associated with the site, constituting
identity fraud. Similarly, BaFin warned against cmfx.trade, operated by Capital
Master GmbH, for lacking legal information and regulatory licenses despite
claiming collaborations with major entities. Both cases underscore BaFin‘s vigilance against
unauthorized financial activities.
The
German Federal Financial Supervisory Authority, BaFin, has launched an
investigation into the unauthorized activities of an individual operating
through the website fx-flat.com. This website falsely offers banking
transactions and financial services without proper authorization, posing a
serious threat to consumers and the integrity of financial institutions.
The
manager behind fx-flat.com, whose identity remains undisclosed thus far, is
promoting banking services and financial transactions without the necessary
approval from regulatory authorities. Notably, FXFlat Bank GmbH has clarified
that the website is not affiliated with its operations, indicating a case of
identity theft to the detriment of the regulated financial institution.
Operating
primarily in Italian, the alleged manager, purportedly based in Ratingen, seeks
to entice consumers into opening trading accounts. The website provides false
information, including the address of the former company headquarters and the
telephone number of FXFlat Bank GmbH, misleading consumers into believing in
its legitimacy. Moreover, fx-flat.com falsely claims authorization from BaFin,
further exacerbating the deception.
In
Germany, any entity offering financial or investment services must obtain
explicit authorization from BaFin. Despite this requirement, some entities
proceed to offer services without obtaining the necessary approvals, as in the
case of fx-flat.com.
BaFin,
in collaboration with the Federal Criminal Police Office and regional law
enforcement agencies, strongly advises consumers to exercise extreme caution
when investing online.
Unauthorized Financial Operations and Identity Theft
Earlier, BaFin
issued warnings regarding unauthorized financial operations and identity theft,
as reported by Finance Magnates.
It cautioned against tradestatisticsview.com, operating without the necessary
authorization and falsely claiming a London base, with Bitcer Limited, dissolved
in 2021, involved.
An individual, using the name “Marc Friedrich”
without authorization, was found associated with the site, constituting
identity fraud. Similarly, BaFin warned against cmfx.trade, operated by Capital
Master GmbH, for lacking legal information and regulatory licenses despite
claiming collaborations with major entities. Both cases underscore BaFin‘s vigilance against
unauthorized financial activities.
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- Source: https://www.financemagnates.com//forex/bafin-probes-unapproved-financial-operations-and-identity-theft/
