German cybercrime officials shutter 1,400 illegal trading websites

German cybercrime experts have blocked more than 1,400 illegal websites to prevent mass fraud on fake trading platforms, authorities said on Monday.

The operation targets "cybertrading fraud," according to a joint statement by the south-western state of Baden-Württemberg's cybercrime centre and criminal police office, in conjunction with the German Financial Supervisory Authority (BaFin).

The scam is said to have developed into a mass phenomenon in recent years, with the number of cases steadily increasing.

In some cases, gullible customers are supposed to invest large sums of money on fraudulent internet platforms in the hope of finding a lucrative investment opportunity.

As part of "Operation Heracles," 1,406 active illegal domains have been taken offline in cooperation with the European police authority Europol and Bulgarian law enforcement authorities.

"The domains that have now been blocked were intended to deceive consumers and lure them into supposedly investing in manipulated trading platforms," the statement said.

The unknown perpetrators act internationally but "deliberately target the German market and people who live and reside in Germany."

The scammers open fake trading platforms without a licence from the BaFin and use call centres to encourage victims to invest money in the scheme.

"Due to the professional approach of the perpetrators and the use of fake trading platforms, many victims do not realize for months that they are being defrauded and are motivated to make further deposits," the statement said.