Be careful with fixed-term deposit brokers: Consumer advice centers warn of fraud

Be careful with fixed-term deposit brokers: Consumer advice centers warn of fraud

The consumer advice center warns of an increasing number of fraudsters who lure unsuspecting consumers with fake fixed-term deposit offers. Web portals and consulting firms claim to provide lucrative fixed-term deposits that seem serious at first glance. The conditions appear attractive, but not unrealistic compared to legitimate financial institutions. A twelve-month fixed deposit offer with an above-average interest rate of 4.25 percent should serve as a warning signal.

Fraudsters do this cleverly by providing deceptively genuine application forms or directing consumers to fake opening applications online. However, after the money has been transferred to accounts that often have foreign IBAN numbers, there is radio silence. Requests are ignored, access data is not transmitted, payouts are delayed or not made at all.

To protect themselves from such fraudulent methods, the consumer advice center recommends that consumers consult the BaFin list to check whether providers and intermediaries are registered there. If there is no approval, cooperation should be avoided. Particular caution is required if the business address is abroad. We also advise you to check the legal notice carefully and not to rely solely on the website.

It is advisable to use established fixed-term deposit offers from trustworthy institutions such as Stiftung Warentest. If you have any doubts about a fixed-term deposit deal, it is advisable to seek legal advice or contact the consumer advice center to check the legal validity of the contract.