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05 May 2021, 09:34 am | Clone

DFSA Authorised Firm, the DFSA, and a member of DFSA Senior Management Impersonated in scam

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public about a scam in which a DFSA Authorised Firm, the DFSA and a member of its senior management were impersonated.

The scammers have set up a fake website in the name of Eamar Capital”, which is very similar in name to one of the DFSA’s Authorised Firms. The link to the fake website is: https://www.eamarcapital.com/. The website states that the company is located at the same physical location as the Authorised Firm.

The scammers, referring to the fake website, sent WhatsApp messages to a member of the public requesting him to transfer USD 2,000 for investment purposes. The WhatsApp conversations referred to the fictitious firm being authorised by the DFSA and having the same DFSA reference number as the Authorised Firm. A copy of that WhatsApp conversation can be found here.

The scammers have also set up an email address called “support dfsa-uae” and sent an email from that address to another member of the public requesting him to make a transfer to the fictitious firm. The email fraudulently stated that it was signed by the legal department of the DFSA.

Attached to the email was a document titled “APPROVAL OF RELEASE OF FUNDS”. The document included the logos of the Dubai International Financial Centre (DIFC) and the DFSA. It was purportedly certified and endorsed by a member of the DFSA’s senior management, and was purportedly signed by the DFSA’s Chairman. The scammers, pretending to be the DFSA, requested the individual to transfer amounts owed to the fictious firm in order to enable the individual to redeem his investment with that firm.

In an attempt to make the scam seem authentic, the scammers fraudulently used the following without permission:

·       a very similar name to an Authorised Firm;

·       the physical address and DFSA reference number of an Authorised Firm;

·       the logo of an Authorised Firm’s group company;

·       an email address referring to the DFSA’s name;

·       an email signature referring to the legal department of the DFSA;

·       the logos of the DIFC and the DFSA;

·       the name and position held of a member of the DFSA’s senior management; and

·       a signature purporting to be that of the DFSA’s Chairman.

The DFSA informs you that it does not regulate a firm called Eamar Capital. Nor does it request members of the public to transfer any amounts to Authorised Firms.

The DFSA also informs you that the WhatsApp messages, email and document are fictitious and were not sent by an Authorised Firm, nor the DFSA respectively.  

The DFSA strongly advises you not to respond to any communications regarding this scam, and under no circumstances should you send any money to them.

The DFSA suggests that firms and individuals can avoid being scammed by:

·       checking the relevant regulatory status of a person before doing business with them;

·       only doing business with firms or individuals you trust.  Dealing with people you have never met may carry a higher risk; be particularly cautious when receiving unsolicited communications; and

·       obtaining independent professional advice before entering into any investment or transaction.

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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