German BaFin investigates SafeIncome broker scam

BaFin investigates SafeFund broker scam
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The German regulator BaFin announced today that an investigation had been opened against the broker scam SafeIncome (www.safeincome.fund). The scam claims to be a regulated SICFund, with the applicable law being the offshore paradise of Vanuatu. However, no legal entity is mentioned on the website. We found only crypto companies as facilitating payment processors. Credit and debit card payments are also processed through the notoriously licensed Estonian BitTheBank. Stay far away from this poorly made white-label scam.

The SafeIncome scam evidently has strong connections to Russia, as Russian payment processors like Perfect Change (www.perfect-change.com) or EXline (www.exline.pro) are involved in ruble payments. When paying USD or EUR via credit and debit cards, victims are redirected to BitTheBank to buy BTC (and other cryptocurrencies) via credit and debit cards. The crypto funds are then credited directly to the scammers’ wallets.

SafeIncome is just one of the hundreds of currently active white-label broker scams and not even particularly well done. Even naive consumers should not fall for it.


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