Another regulatory warning against EUFM broker scam using fake regulatory documents!

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The German BaFin today announced investigations of the EUFM broker scam. Only recently, the Italian Consob and the Spanish CNMV issued a warning against the broker scam European Financial Markets a/k/a EUFM. The website does not provide any information about the operators or the jurisdiction responsible. As payment processors behind BoxiPay cashier, we have once again discovered Paypound as well as PayCent. Deposits are only possible via credit and debit cards. Stay far away and save yourself from losing your money and misusing your data.

Key data

Trading nameEUFM
European Financial Markets
Domain registrarNameCheap
Legal entityEUFM Ltd (fake)
EU Trade Ltd (fake)
JurisdictionMarshall Islands
Payment processorsBoxipay (cashier)
WarningsCNMV, Consob, BaFin

The scam narrative

The BaFin informed that EUFM a faked BaFin document to make its own respectability credible. The regulator makes clear that it has not signed any document in favor of EUFM LTD. Furthermore, BaFin has become aware that EUFM LTD has sent further forged letters from a German authority and a German insurance company to customers.

The unregulated payment providers Paypound and PayCent are also notorious scam facilitators.

On Trustpilot, EUFM has a 2.6-star rating with a corresponding “Poor” trust level. As with most scams, the 4 and 5-star reviews look like fakes or ordered (invited) reviews.

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If you have any information about EUMF a/k/a European Financial Markets, please let us know via our whistleblower system Whistle42. Alternatively, we also appreciate a comment.

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