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25 Jul 2023, 10:43 am | Regulator or Authority Impersonation

Fake Email Impersonating the DFSA, its Chairman and Chief Executive

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to a fake email in which the DFSA, its Chairman and Chief Executive are impersonated.

Members of the public received correspondence from scammers requesting payment of an amount for the issuance of a Tax Clearance Certificate for the release of funds. 

The recipients of the initial correspondence then received a letter from the scammers alleging that their payment has been received and a well-known payment card had been released to the recipients. The recipients were informed that the payment card was issued to them from an overseas country by “Standard Crypto Options”.    

In an attempt to authenticate the scam, the perpetrators of the scam have fraudulently used the following without permission:

·        the logo of the DFSA;

·        the name and purported signature of the DFSA’s Chairman; and

·        the name of the DFSA’s Chief Executive.

The DFSA informs you that:

·        the letter allegedly from the DFSA is false, fraudulent and was not sent by the DFSA;

·        the DFSA does not issue or release any payment cards;

·        the DFSA does not issue tax clearance certificates;

·        the DFSA does not receive funds for the provision of financial products or services; and

·        the DFSA is the regulator of financial services in the Dubai International Financial Centre.  The DFSA does not provide financial services.

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 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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