Overview
- BaFin, which issued a public warning Wednesday, says WhatsApp groups are steering people into an unlicensed investment scheme.
- The operators impersonate FPM Frankfurt Performance Management AG and use board member Raik Hoffmann’s name to win trust.
- In closed chats, sham “experts” tout insider tips and push members to install the FPM MIN app and transfer funds, with some victims losing tens of thousands of euros.
- The app fabricates account gains and then stalls payouts or demands bogus fees or taxes before releasing money.
- Regulators urge people to skip messenger pitches, check firms in BaFin’s register, use only trusted app stores, and contact their bank and police at once if they paid, as bank groups also warn of a separate phishing wave by email and SMS.