The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to a letter in which the DFSA, and a member of the DFSA Board of Directors has been impersonated.

The scammers sent consumers a letter entitled “Advance Report” that falsely claimed to be sent by a DFSA Board Member. The letter states that:

• the DFSA has declined certain bank transfers due to a “discrepancy between the bank beneficiary and the registered beneficiary”; and
• the bank transfers “have been referred for auditing”.

The letter urges the consumer to contact the DFSA immediately or “fines will be applied”. 

A copy of the letter can be found here.

In an attempt to make the scam seem authentic, the scammers have fraudulently used the DFSA logo, and the name and purported signature of a DFSA Board Member.

The DFSA informs you that:

• the letter is fraudulent and was not sent by the DFSA; and
• the DFSA does not facilitate, approve or decline bank transfers, and does not refer bank transfers for “auditing.”

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 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 into 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