The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public about a fraudulent scheme in which the DFSA and a staff member of the DFSA were impersonated.
The scammers set up a fake LinkedIn profile which purports to be a profile of the DFSA. The fake profile also contains a photograph of a current DFSA employee. The fake profile was used to promote a scam offering a “0% interest return empowerment loan.”
A post on the fake LinkedIn profile details a fictional USD 10 million loan with a 0% interest return allegedly provided by the DFSA for the purpose of:
• promoting the Indian economy;
• helping young start up entrepreneurs;
• supporting the good people of India because of “Novel Coronavirus (COVID-19)”.
The post indicates that, in order to apply for the loan, an application form should be requested and completed. A copy of the fake post, which has been taken down by LinkedIn, can be found here.
The DFSA confirms that the LinkedIn profile is fake, and the loan being offered through the LinkedIn profile is fictitious and a scam. The DFSA does not offer loans to consumers of any kind.
The DFSA strongly advises that you do not respond to the perpetrators of the scam, and under no circumstances should you send or give any money to any party connected to the scam.
On 5 April 2020 the DFSA issued an alert to consumers warning about an increase in scams and other fraudulent activity since the onset of the COVID-19 pandemic. The original alert can be viewed by going to: INCREASE IN SCAMS DURING COVID-19
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, including Advance Fee 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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