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19 Jun 2019, 07:06 am | Regulator or Authority Impersonation

Advance Fee Scam using DFSA Logo

The Dubai Financial Services Authority (DFSA) informs the financial services community and members of the public about an advance fee scam in which consumers are asked to pay an upfront fee in order to obtain a DFSA “Fund Release Order” or “Withdrawal Permit”.

The scammers offer a crypto-currency platform to consumers through their website.  Consumers create a trading account to use the platform, and deposit funds into the account so that they can trade.  However, should consumers attempt to withdraw funds from their trading accounts, they are required to pay an upfront fee to obtain a “Fund Release Order”.  A copy of the Fund Release Order can be found here.

The DFSA informs you that the Fund Release Order is a false document and is not issued by the DFSA.  The DFSA does not issue any documents or permits of this type.  Also, the name of the DFSA and its logo have been used without the DFSA’s permission.

The DFSA strongly advises that consumers do not respond to any communication regarding the scam, and under no circumstances send any money to any party involved in the scam. The DFSA has a page on its website dedicated to alerts which it has issued about scams. All alerts issued by the DFSA may be accessed by going to: ALERTS

The DFSA has also issued warnings and guidance about the common types of scams perpetrated on consumers. For more information on these scams, please go to: HOW TO AVOID BEING SCAMMED

The DFSA encourages consumers to refer to the list of regulated Firms and Authorised Individuals licensed by the DFSA that is available on the DFSA's PUBLIC REGISTER

If you have any concerns about the authenticity of any correspondence or documents that purport to be issued by the Dubai International Financial Centre (DIFC), DFSA or a DFSA regulated Firm, you should direct your concerns to the DIFC on Tel:+971 4 362 2222 and to the DFSA via the DFSA Complaints function on: COMPLAINTS


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