BaFin warns: Fake fidelity attracts fraud and total losses!

BaFin warns: Fake fidelity attracts fraud and total losses!

In a recent warning, the BaFin (Federal Financial Supervisory Authority) warned of the fraudulent website sdiana.top and a fake “Fidelity Institute”. BaFin published this warning on June 3, 2025 and stated that the offers on this platform do not come from a licensed financial service provider. An identity-stolen fraudster could be behind the activities, which exposes potential investors to high risk and, in the worst case, can lead to a total loss.

BaFin points out that neither FIL Fondsbank GmbH nor the companies in the Fidelity Group are responsible for these offers. These fake institutions exploit the established reputation of reputable providers to attract investors. A typical pattern in such fraud cases is the offer of high, quick profits with initially low financial investments.

How the scammers work

The first investment is often followed by demands for “verification fees” or “AML checks” (anti-money laundering checks), which are aimed at further luring investors. This typically leads to long periods of radio silence or even the closure of groups after investors have deposited money. Injured investors should be aware that they can take civil action to reclaim their funds.

BaFin also emphasizes that these are several illegal acts, ranging from fraud (Section 263 StGB) to investment fraud (Section 264a StGB) to misuse of identity (Section 15 WpIG, Section 32 KWG). Furthermore, those affected can assert claims for repayment without legal grounds (§ 812 BGB) as well as claims for damages due to fraud (§ 823 BGB).

Current fraud methods

Also alarming are the recent reports about CoinCrypto LLC. This fraudulent company unlawfully uses the company data of Boerse Stuttgart Digital Broker GmbH and falsely claims to be inspected by BaFin. BaFin clarifies that it does not supervise CoinCrypto LLC, which makes it clear that identity abuse is at play here. Investors should be extremely careful and not fall for such offers.

BaFin, the Federal Criminal Police Office and the state criminal investigation offices recommend that you research very carefully when investing on the Internet. It is important to be aware of fraud attempts so that you can take appropriate measures in a timely manner. For further information, we recommend the BaFin consumer protection podcast “Beware, Fraud”, which offers useful tips to protect yourself from fraudsters.

Additionally, consumers should be careful to preserve evidence and not make further payments if they suspect they have been a victim of fraud. The Federal Court of Justice has ruled that banks are obliged to react adequately if fraud is suspected and that simply filing a criminal complaint does not lead to the repayment of funds.

In this context, it is important to be prepared for the characteristics of fake financial institutions. These include, among other things, official WhatsApp groups, the use of real logos and domains that often contain spelling errors. High profit promises and unclear withdrawal fees are other red flags that investors should keep in mind.