Erscheinung:05.01.2024 | Topic Unauthorised business, Consumer protection Identity fraud: BaFin investigates the company BisonStuttgart-Finanzportal GmbH
BaFin warns consumers about the website bisonstuttgart.com. BaFin suspects the operators of this website, which are using the names BisonStuttgart-Finanzportal GmbH and BisonStuttgart when conducting their activities, of offering consumers financial and investment services without the required authorisation.
In the website’s legal notice, the operators quote the Commercial Register data of EUWAX Aktiengesellschaft. By so doing, they lead consumers to believe that the services being offered are those of this investment firm that has been granted authorisation from BaFin. This is not the case. There is no business relationship between EUWAX Aktiengesellschaft and the website operators or any of the offers they are making. This 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. 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, 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.
