WhatsApp groups and trading app: BaFin warns consumers about identity fraud in connection with the use of the app “IB-Kundendienst”
| Germany
Summary
According to the information available to the Federal Financial Supervisory Authority (BaFin), unknown persons are using WhatsApp groups and chats to contact German investors. The initiators of such WhatsApp groups claim to be Bank of America or its branch in Frankfurt am Main. This is a case of identity fraud misusing names of former employees of the institution.