Financial advice via social media: How to protect yourself from total loss due to finfluencers. BaFin warns.
Young investors often get advice from so-called finfluencer. Behind the term are content creators who provide investment advice on social media. New investors who take their advice take on significant risk. False advice from Finfluencers – 56 percent result in a loss. The influence of social media stars on one's own purchasing decisions is nothing new, but financial products are on a completely different dimension.