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07 Mar 2022, 11:49 am | Regulator or Authority Impersonation

Fake DFSA Form used in an Advance Fee Scam

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to a fake form in which the DFSA was impersonated.

The scammers issued a fake form entitled “Form- a1” which falsely bears the logo of the DFSA. The form also falsely bears the logo of another UAE Authority. 

A copy of the fake form can be found here.

The form was used in an advance fee scam where the scammers, a company that claims to be based in Ras Al-Khaimah, purportedly offered the service of setting up special purpose vehicles (SPVs).  The scammers claim that a special, certified SPV is needed to obtain the financing offered by third parties who were also connected to the scam.  

In an attempt to give authenticity to the scam, the scammers:

  • use a fake form, called a “Bio-Data Request Form”, to obtain personal and financial information from the victims.  This form fraudulently misuses the logo of the DFSA and another UAE Authority; and
  • provide victims with a document entitled “Loan SPC/SPV Requirement”, which sets out fees charged by the scammers for their services.  This document also falsely suggests that the scammers are able to obtain a certificate for the SPV from another UAE Authority to receive financing.

The DFSA informs you that the form is false and issued for a malicious purpose.  The DFSA does not set up SPVs, or make “bio-data requests”.  The DFSA also informs you that the other UAE Authority impersonated by the scammers does not set up or certify SPVs.

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 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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