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20 Feb 2017, 01:02 am

False DFSA Document used to Promote an Advance Fee Scam

12 February 2017

The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public about a fraudulent advance fee scam using a false DFSA document.
The scammers falsely promise consumers access to funding for projects.  In doing so, the scammers fraudulently misuse the name of the DFSA by claiming that:

  • the DFSA must issue a "Certificate of Clean Bill" (the Certificate) to authorise the transfer of the funds for the project; and
  • the DFSA will only issue the Certificate if a "processing fee" of USD 9,000 is paid.

The scammers provide consumers with a false Application Form on a letterhead which refers to the DFSA for the consumer to complete.  A copy of the false letter can be found here.

The DFSA informs you that:

  • the DFSA does not authorise the transfer of funds to consumers;
  • the DFSA does not issue the Certificate, or any like document; and
  • the scammers have fraudulently used the name of the DFSA without authority and for malicious purposes.

The DFSA strongly advises that individuals do not respond to any communication regarding the scam, and under no circumstances should they send any money to any party involved in the scam.

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 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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