Financial Crime World

Cyprus Securities Regulator Warns Public About Identity Theft in Finance: TFI Trade Limited

The Financial Supervisory Authority (fBaFin) of Germany has issued a warning to investors about a company operating under the name “TFI Trade Limited” and claiming to be based in Cyprus. Here are the key points you need to know:

Unauthorized Company Offering Porsche AG Shares

  • fBaFin warns investors that TFI Trade Limited and TFI Pcl are not authorized to offer shares for sale or conduct banking business or provide financial services in Cyprus or Germany.
  • There is no evidence that TFI Markets Ltd, an authorized and supervised company in Cyprus, is associated with the offers of Porsche AG shares.
  • TFI Markets Ltd appears to be the victim of identity theft.

Porsche AG Distances Itself from the Offers

  • Porsche AG has distanced itself from the offers, with the company’s shares not coming from Volkswagen AG or any of its subsidiaries.

Increase in Reports of Fraudulent Activity

  • In recent months, there has been a concerning increase in reports of fraudulent activity involving offers of shares in well-known companies.
  • In some cases, investors are promised shares but never receive them after making payment, and in other cases, the offered shares do not even exist.

Fraudsters Use Legitimate Company Identities

  • Fraudsters often use the identities of legitimate companies to lure unsuspecting investors into making financial transactions.

Exercise Caution and Report Suspicious Communications

  • fBaFin urges the public to remain vigilant and exercise caution when receiving unsolicited offers for financial investments.
  • Anyone receiving suspicious communications should report it to their local financial regulator and consult with a legal or financial professional before taking any further action.

Tips for Avoiding Scams

  • Double-check the legitimacy of companies and offers before making any financial commitments.
  • Be wary of unsolicited offers, especially those involving well-known companies or urging you to act quickly.
  • Do your research and check the company’s registration status with the relevant regulatory authorities.
  • Consult with a financial professional or legal advisor if you’re unsure about an investment opportunity.