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The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) warns consumers about the website prolifictrades.com. BaFin has information that the operator Prolific Trades Limited, which is domiciled in Malta, is providing financial and investment services via this website without the required authorisation. On the website, the operator claims it is supervised by BaFin. This claim is false. According to information available to BaFin, the company is also not regulated by other national supervisory authorities.
Anyone conducting banking business or providing financial or investment services in Germany mAnyone conducting banking business or providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the required authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s ay do so only with authorisation from BaFin. However, some companies offer these services without the required authorisation. Information on whether a particular company has been granted authorisation 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.
