The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to a scam in which the scammers falsely claim to be an Authorised Firm based in the Dubai International Financial Centre (DIFC) and regulated by the DFSA.

The scammers advertise via Facebook where, once the investor clicks through on the advert, they are prompted to fill out a contact form. Following this, the scammers use those details to contact the investor using messaging apps such as Telegram. The scammers frequently change their telephone number, alternating between numbers in the UAE and in Canada.

Contact is primarily through Telegram and by telephone and the scammers pressure the investors to transfer money to them by impersonating a legitimate DIFC-incorporated and DFSA-regulated Firm called Kane LPI Solutions Ltd (Kane) by:

• using the name “Kane LPI Solutions Limited”;
• establishing fake websites (“mobtrader.kanelpisolutionsltd.trade & kanesolutionsltd.com”) which use a Kane LPI Solutions logo that is similar to that of Kane’s actual logo;
• using the name, DIFC office address and DFSA reference number of Kane.

The scammers also:

• use the DIFC’s and DFSA’s names without their authority;
• use a fake DFSA stamp;
• utilise screensharing software to affect a transfer between the investor and the scammers’ cryptocurrency wallet.

The DFSA informs you that:

• Kane LPI Solutions Ltd do not advertise through Facebook;
• the legitimate website for Kane LPI Solutions Ltd is www.kanesolutions.com;
• the legitimate contact number for Kane LPI Solutions Ltd is +971 4 568 6333.

The DFSA strongly advises you not to respond to any communications regarding this scam, and under no circumstances should you send or give any money to any party connected to the scam.

The DFSA has a page on its website dedicated to alerts which is 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 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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