Erscheinung:11.03.2024 | Topic Unauthorised business, Consumer protection Vow app: BaFin investigates Vow Limited
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered by the operator of the Vow app. According to information available to BaFin, Vow Limited is using its app to conduct banking business and/or provide financial services without the required authorisation. The company is not supervised by BaFin.
Financial services may only be offered in Germany if the company providing these services has the necessary authorisation from BaFin to do this. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been authorised 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.
