BaFin Warns Against FPM MIN Identity Fraud and WhatsApp Investment Scam

BaFin News & Warnings

Published April 7th, 2026

Detected April 7th, 2026

Summary

BaFin issued a consumer warning about identity fraud involving WhatsApp groups impersonating FPM Frankfurt Performance Management AG and its board member Raik Hoffmann. Fraudsters are operating the FPM MIN app and soliciting substantial investment sums without authorization. The actual company has confirmed no connection to these groups. BaFin advises consumers to verify company authorization through its database before investing.

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What changed

BaFin issued a formal consumer warning regarding identity theft by unknown actors impersonating FPM Frankfurt Performance Management AG and its legitimate board member Professor Raik Hoffmann. The scammers operate WhatsApp groups and the FPM MIN app to solicit investment funds, conducting what appears to be unauthorized banking and financial services under section 37(4) of the German Banking Act (KWG). This warning builds on BaFin's broader consumer protection efforts against internet-based financial fraud.

Consumers and investors should exercise heightened vigilance when approached via messaging platforms with investment opportunities. Financial advisers and investment professionals should be aware this scam exploits the identity of a legitimate German financial entity to build credibility. Anyone suspecting unauthorized financial services should verify company authorization through BaFin's database and report violations through the official whistleblower channel.

What to do next

Refrain from engaging with FPM MIN app or associated WhatsApp groups
Verify financial service providers are authorized via BaFin's company database
Report suspected unauthorized financial services to BaFin's whistleblower contact point

Source document (simplified)

Erscheinung: 07.04.2026 | Topic Unauthorised business, Consumer protection Identity fraud: BaFin warns against the FPM MIN app and offers in WhatsApp groups

The German Financial Supervisory Authority (BaFin) is warning against WhatsApp groups allegedly run by FPM Frankfurt Performance Management AG and led by a person calling themselves Professor Raik Hoffmann. Consumers are being tricked into investing substantial sums of money and downloading the FPM MIN app. There is no connection whatsoever between any WhatsApp groups and FPM Frankfurt Performance AG or ist actual board member, Raik Hoffmann. This constitutes identity theft.

BaFin warns against investment scams via WhatsApp and Telegram.

It is suspected that the unknown operators of the WhatsApp group offer financial and asset services without the required authorisation.

Anyone conducting banking business or providing financial, 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 companies have been authorised 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).

Caution

BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) warn consumers to watch out for internet-based financial fraud. If you wish to invest money online, exercise the utmost caution and do the necessary research beforehand in order to identify attempted fraud at an early stage.

In the “ Recognising financial fraud ” section of our website, you can view BaFin ’s current warnings about companies operating without the required authorisation and find out how to protect yourself from fraud on the financial market

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