Operation Heracles: A Significant Blow Against Cybertrading Fraud

German officials have taken a substantial step in curbing illegal internet trading platforms by shutting down over 1,400 domains primarily operating from Eastern Europe. This operation, codenamed Operation Heracles, was jointly carried out by Germany’s financial watchdog BaFin along with law enforcement agencies in Germany and Bulgaria. These fraudulent sites directed visitors to overseas call centers where high-pressure tactics were employed to encourage investors to make substantial investments, often without their realizing the illegitimacy of the transactions until much later.

Despite the dismantling of these fraudulent domains, many users continued to visit them, with approximately 20 million subsequent visits recorded. This highlights the persistent and widespread nature of such scams.

Dangerous Websites: The Growing Threat

Fraudulent websites are becoming a major concern worldwide, posing significant risks to unsuspecting investors. In the United States, investment scams are among the top five types of fraud, with 66,703 reports filed and $3.5 billion lost in the first half of 2025.

The rise of artificial intelligence has enabled cybercriminals to create highly realistic and sophisticated platforms swiftly, tricking victims into transferring funds that end up being stolen. These AI-driven scams cost Americans over $108 million, with each victim averaging a loss of $14,600.

Similar Scams in Europe: The Invesco Case

A similar scheme was discovered in Europe where criminals posed as Invesco employees through phone calls and emails. They offered trading accounts that appeared linked to Invesco’s German branch but were, in fact, a case of identity theft. BaFin warned the public that no genuine Invesco employee would contact consumers unsolicited or attempt to persuade them to invest via email or WhatsApp.