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07 Apr 2013, 12:04 pm

False DFSA Documents used to Promote an Advance Fee Scam

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public about a fraudulent scam involving the use of a false DFSA document.The perpetrators of the scam use a false “fund transfer approval” document purporting to be issued by the DFSA.  The document:• states that the DFSA has approved the transfer of USD 8.8 million through a UAE based bank to the intended victim of the scam;• bears a copy of the DFSA’s logo;•  claims to be signed by the DFSA’s Chairman, Mr Saeb Eigner, and the DFSA’s former Chairman (and current Governor of the DIFC), Mr Abdullah M Saleh.The document is false and all references to the DFSA, its officers and/or employees on the document are false.This is an advance fee scam. The perpetrators of the scam:• Approach victims and falsely advise that they work for a UAE based bank;• Offer to transfer a large sum of money to the victim in exchange for the payment of a “transfer fee” to facilitate the transfer;• Provide the victim with a false “fund transfer approval” document to legitimise their fraudulent activity.A copy of the false document can be viewed hereThe DFSA informs you that:• This “fund transfer approval”  document is false, and has been used by the perpetrators of the scam to legitimise their fraudulent activity;• The DFSA does not issue letters or certificates approving the transfer of funds;• The DFSA will not ask for the payment of a fee in such circumstances.The DFSA strongly advises that you do not respond to any person or company who sends such documentation, and under no circumstances should you send any money.The DFSA has a page on its website dedicated to Alerts which it has issued in relation to scams.  The perpetrators of this fraud have fashioned the Fraud Document so that it looks like a DFSA Letter in order to legitimise their activities.  All Alerts issued by the DFSA may be accessed by going to: Your-Resources/dfsa-alertsThe DFSA has also recently issued warnings and guidance about the common types of scams perpetrated on consumers. For more information on these scams, please go to:HowToAvoidBeingScammedIf you have any concerns about the authenticity of any DIFC or DFSA correspondence or documents, you should direct your concerns to the DIFC on +971 4 362 2222, or to the DFSA Complaints function by accessing the complaints portal on the DFSA website or calling the DFSA on +971 4 362 1576.

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