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13 Jun 2023, 09:55 am | Regulator or Authority Impersonation

Fake DFSA Certificate of Insurance used in Scam

The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public about a fraudulent scam in which a false DFSA Certificate of Insurance was used. 

The false Certificate is purportedly issued by the DFSA “Registrar-General”, falsely signed by the DFSA Chairman, and stamped with a fake DFSA stamp. The false Certificate of Insurance states that the DFSA assures the holder of a guaranteed return on investment and guarantees the safety of the invested principal. 

A copy of the false Certificate of Insurance can be viewed here.

The DFSA advises that:

  • it does not issue Certificates of Insurance;
  • it does not provide guarantees in relation to either investment capital or investment returns; and
  • it does not have a “Registrar-General”.

The DFSA strongly advises that you do not respond to the scammers and under no circumstances should you send or give any money to any party connected to the scam.

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 and being particularly cautious when receiving unsolicited communication - dealing with people you have never met may carry a higher risk; and
  • obtaining independent professional advice before entering 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 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 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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