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. In doing so, the scammers fraudulently misuse the name of the DFSA by claiming that:
• the DFSA must approve the transfer of the funds; and
• the DFSA will approve the transfer of funds only once a fee (USD 4000) is paid.
The scammers provide consumers with a false “Transfer Approval” letter on a letterhead which refers to the DFSA. A copy of the false letter can be found here.
The DFSA informs you that:
• the transfer of funds promised by the scammers does not occur;
• the DFSA does not authorise the transfer of funds to consumers; 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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