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Investor Alert – BaFin issues warning against 24shares abusing the regulator’s logo

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The German regulator BaFin has informed that the 24shares (www.24shares.io) broker scam uses the BaFin logo to communicate with client-victims in an unauthorized and fraudulent manner. Moreover, boiler room agents of the broker scam are making unsolicited calls to German investors. The 24shares agents untruthfully state that BaFin has prompted them to make contact. They pretend to offer help with money losses that the investors have suffered in the past when investing.

The investors are then asked to fill out a form on which the logo of both the Foreign Office and BaFin appears. This form is a forgery. BaFin never issues orders in the form described. BaFin has noticed that more and more scammers are acting as fund recovery agencies and/or bail out brokers that are commissioned or authorized by BaFin, using BaFin credentials.

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