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Alerts

DFSA Impersonated in a Fraudulent Scam

20 Nov 2016

The Dubai Financial Service Authority (DFSA) alerts the financial services community and members of the public of a fraudulent scheme in which the DFSA has been impersonated.

The scammers offer consumers access to a loan in the amount of USD 527,000,000.  In order to access the loan funds, the scammers tell consumers that they:

• must set up a Special Purpose Vehicle – a company (SPV) with a government authority in the UAE; and
• pay fees to “activate” the SPV and receive the loan.

Once the fees to activate the SPV are paid, the scammers then tell consumers that the transfer of their loan funds has been put “on hold” because the purported transfer has “violated the Middle East Fund Transfer Law”. The consumers are required to pay further fees, and an insurance premium, to allegedly several government “authorities” so that the loan funds can be released.  The authorities have been impersonated by the scammers.

The DFSA is one of the authorities impersonated by the scammers. The scammers send consumers false letters and emails from a person using the name of “Yusuf Hassan Abdulrahman”, who claims to be the DFSA’s “Head of Recovery Department.”  The scammers falsely claim in their communications that the DFSA has received an “order from the Crown Court in England” to investigate and complete the pending transfer of the loan funds. The scammers further claim that the DFSA requires a payment of a fee of USD 38,680 to “re-validate the loan agreement” and release the loan funds.

A copy of the false DFSA letter and false payment receipt from “Her Majesty’s Courts Services” can be found here.

The DFSA informs you that:
• there is no such law as the Middle East Fund Transfer Law;
• Yusuf Hassan Abdulrahman is not an employee of the DFSA;
• the DFSA does not have a department called “Recovery;” and
• the DFSA does not validate loan agreements, and therefore does not charge fees for validating loan agreements; and
• the DFSA does not charge fees, or require the payment of fees, for loan transactions or the transfer of loan funds.

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 

 

False DFSA Document used to Promote an Advance Fee Scam

20 Feb 2017

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 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 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
 

False DFSA Document used to Promote an Advance Fee Scam

20 Feb 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 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 strongly advises that individulas 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.

False DFSA Document used to Promote an Advance Fee Scam

30 Mar 2017

The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public about a fraudulent advance fee scam that falsely impersonates the DFSA and uses false documents purporting to be from the DFSA.

The scammers falsely promise consumers access to funding after the payment of an advanced fee. In doing so, the scammers fraudulently misuse the name of the DFSA in several documents by claiming that:

• the DFSA must issue a "Fund Transfer Certificate" (the Certificate) to authorise the transfer of the funds; and
• the DFSA will only issue the Certificate if a fee is paid.

The scammers provide consumers with the false documents on DFSA letterhead which purport to relate to the clearance of funds in transit to the consumer.  They also use a false Certificate of Deposit. Copies of the false documents 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 Certificates, or any like documents; 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.


 

False DFSA Document used to Promote an Advance Fee Scam

02 Apr 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. 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.

DIFC Impersonated in an Advance Fee Scam

03 Apr 2017

The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public about an advanced fee scam in which the Dubai International Financial Centre Authority (DIFCA), and members of the DIFCA Board of Directors and members of the DIFC Higher Board (the Boards) have been impersonated.

The scammers fraudulently promise to provide access to “inherited funds” amounting to USD15,000,000. In order to access those funds, the scammers require the following fees to be paid:

• USD150,000 for a “Financial Action Certificate”; and
• USD 15,000 for “Vault Charges”. 

The scammers:
• impersonate the DIFCA by using documents with a DIFC letterhead, including but not limited to a “Letter of Consent” ; and
• falsely name members of the Boards as having approved the release of “inherited funds”.

A copy of the fraudulent “Letter of Consent” can be found here.

The DFSA informs you that:
• the DIFCA does not provide access to “inherited funds”;
• the Letter of Consent is a false document and the DIFCA does not issue such letters;
• the DIFCA does not issue “Financial Action Certificates”, and therefore does not charge fees for doing so;
• the DIFCA does not charge “Vault Fees”;  and
• the scammers have fraudulently used the name of the DIFCA, and the members of the Boards, without authority and for a malicious purpose.

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 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


 

Vitality Investments Falsely Claims to be Registered in the DIFC

16 May 2017

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to false claims made by Vitality Investments (Vitality).

Vitality claims on its website - http://vitalityinvestments.com - that it has offices in the Dubai International Financial Centre (DIFC).
The DFSA informs you that Vitality:
• does not have, and has never had, offices in the DIFC; and
• is not, and has never been, licensed by the DFSA.

The DFSA strongly advises that you do not communicate with Vitality, or any of its representatives, and under no circumstances should you send any money to them.

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

DFSA Impersonated in a Fraudulent Scam

08 Jun 2017

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public about a fraudulent scheme in which the DFSA has been impersonated.

The scammers offer potential victims an employment opportunity as an “Assistant Electrical Safety Supervisor” at the DFSA’s offices in California, United States of America.  In order to finalise the terms of the employment, the scammers tell potential victims to pay SAR 655 (USD 175) to courier the employment contract the potential victim for signature.

The scammers also send potential victims false letters and emails from a person using the name of “Mohammad Moustafa”, who claims to be the “Human Resource Manager, DFSA - Islamic Loan Finance Ltd”.

The DFSA informs you that:
• the DFSA does not employ anyone as an Assistant Electrical Safety Supervisor;
• Mohammed Moustafa is not a DFSA employee;
• there is no such company or entity “DFSA – Islamic Loan Finance Ltd”;
• the DFSA is the independent Financial Services Regulator of the Dubai International Financial Centre in the Emirate of Dubai in the United Arab Emirates;
• the DFSA does not have offices in the United States of America; and
• the scammers have fraudulently used the name of the DFSA without authority and for a malicious purpose.

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

The DFSA has a page on its website dedicated to alerts in relation to scams, including scams which misuse the name of the DFSA and/or the DIFC.  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, including Advance Fee scams, perpetrated on consumers. For more information on these scams please go to: HOW TO AVOID BEING SCAMMED

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
 

David Harding and Harding Capital Group Falsely Claim to be Registered in the DIFC

17 Jul 2017

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to false claims made by Mr David Harding and Harding Capital Group.

Mr Harding claims to be the Managing Director of Harding Capital Group. A document issued by the Harding Capital Group contains the following signature block, click here to view.

The DFSA believes that Mr Harding may reside in the UAE, and may be offering financial and investment services through Harding Capital Group.

The DFSA informs you that Harding Capital Group:
• does not have, and has never had, offices in the DIFC; and
• is not, and has never been, licensed by the DFSA.

The DFSA strongly advises that you do not communicate with Mr Harding, or anyone from the Harding Capital Group, and under no circumstances should you send any money to him or to the Harding Capital Group.

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
 

Mazyad Capital LLC Falsely Claims to be Authorised by the DFSA

18 Jul 2017

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to false claims made by Mazyad Capital LLC (Mazyad).

Mazyad falsely claims to be authorised and regulated by the DFSA and registered in the Dubai International Financial Centre (DIFC). 

Mazyad also uses the following fraudulent documents:
• a “Licence Notice” purportedly issued by the DFSA; and
• a “Certificate of Incorporation” and “Commercial Licence” purportedly issued by the DIFC Registrar of Companies. 

A copy of the fraudulent documents can be viewed here

Further, Mazyad falsely claims to hold DFSA Licence Number F001976.

The DFSA advises that Mazyad is not, and has never been:
• authorised or regulated by the DFSA;
• incorporated in the DIFC; or
• licensed by or registered by the DIFC Registrar of Companies.

Further, the DFSA advises that DFSA Licence Number F001976 belongs to a legitimate DFSA Authorised Firm which is not associated with Mazyad in anyway.

The DFSA strongly advises that you do not communicate with Mazyad, and under no circumstances should you send money to Mazyad or any person connected with Mazyad.

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


 

False DFSA Documents used to promote an Advance Fee Scam

01 Aug 2017

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public about a fraudulent scheme in which the DFSA has been impersonated.

As part of the fraudulent scheme, the scammers:
• falsely promise the release of a USD 6,000,000 contract award following the payment of a USD 280,000 tax clearance to the “ Dubai Tax Authority”;
• falsely claim that the contract award to be released is registered with the DFSA; and
• issue a false DFSA “Tax Receipt” for the payment of the tax clearance.

The scammers also fraudulently use the name of the DFSA’s Chairman to promote the scam.

Please click here to view the fraudulent documents.

The DFSA wishes to advise that:
• the DFSA does not register or release any contract award funds;
• the DFSA does not issue any “Tax Receipts”;
• the “Dubai Tax Authority” does not exist; and
• the scammers have fraudulently used the name of the DFSA, and that of its Chairman, without authority and for a malicious purpose.

The DFSA strongly advises that you do not respond to any communication regarding the scam, and under no circumstances should you 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, including Advance Fee scams, perpetrated on consumers. For more information on these scams please go to: HOW TO AVOID BEING SCAMMED

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
 

False DFSA Document used to Promote an Advance Fee Scam

07 Aug 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 fraudulently promise to provide consumers with access to “inherited funds” of approximately USD 14,500,000 upon payment of USD 47,850 in “Income Taxes” to the DFSA.

The scammers provide consumers with a false “Notice for Tax Clearance” document on a letterhead which refers to the DFSA. A copy of the false document can be found here.

The DFSA informs you that the:
• DFSA does not collect “Income Taxes” or any type of taxes;
• DFSA does not issue a “Notice for Tax Clearance”;
• scammers have fraudulently used the name of the DFSA without authority and for malicious purposes; and
• scammers have also fraudulently used the name of a legitimate UAE bank.

The DFSA strongly advises that individuals and firms do not respond to any communication from any party involved in perpetrating the scam, and that they should under no circumstances send or give any money to such parties in connection with 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 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

Sale of Fake DIFC Commercial Licences

07 Sep 2017

The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public to a fraudulent scam which purports to sell fake Dubai International Financial Centre (DIFC) Commercial Licences.

The perpetrator of the scam is a business management company allegedly based in the UAE. The company:
• purports to sell a fake DIFC Commercial Licence for “Investment Bank Limited”, an entity which the perpetrators of the scam claim is located in the DIFC and registered by the DIFC Registrar of Companies; and
• claims that the selling price for the licence is “25 million US dollars”, with a 10% advance fee payment of the selling price to be made when signing the initial contract.

A copy of the fake document used as part of the fraudulent scam can be viewed here.

The DFSA informs you that:
• an entity named “Investment Bank Limited” is not registered by the DIFC Registrar of Companies, and nor is it authorised by the DFSA, and therefore it does not exist in the DIFC; and
• the DIFC Commercial Licence which is purportedly being sold is fake and of no value whatsoever.

The DFSA strongly advises that individuals and firms do not communicate with any party in connection with the scam, and that they should under no circumstances send or give any money to such parties in connection with the scam.

The DIFC has a page on its website dedicated to assess the authenticity of all DIFC registered companies that may be accessed at: DIFC PUBLIC REGISTER

The DFSA has a page on its website dedicated to informing the public about scams, including scams which misuse the name of the DFSA and/or the DIFC. All Alerts issued by the DFSA may be accessed on the DFSA website at: 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 

If you have any concerns about the authenticity of any correspondence or documents that purport to be issued by the DIFC Authority, DIFC Registrar of Companies or the DFSA, you should direct your concerns to the DIFC Authority on Tel: +971 4 362 2222 and to the DFSA via the DFSA Complaints function on www.dfsa.ae.

 

False DFSA Documents Used to Promote Fake “Emirates Lottery”

01 Oct 2017

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public about a fraudulent scheme in which the DFSA has been impersonated.

As part of the fraudulent scheme, the scammers contact consumers and:

• falsely claim that the consumers are the “beneficiaries” who have won the “2017 Mobile Award” made by the “Emirates Lottery 2017”; and
• issue a fake “Certificate of Award” issued by the “Emirates Lottery 2017” stating that the consumers have been awarded the amount of USD 1,000,000.

The scammers instruct consumers to submit to the “National Bank of Dubai” the “Certificate of Award”, and a completed “Fund Release Order” form allegedly issued by the DFSA, so that the bank can transfer the Award funds to the consumers. 

The scammers also falsely claim that the DFSA requires the consumers to pay a total of of USD 800 in fees to issue the “Fund Release Order”. The breakdown of the total fee of USD 800 is said by the scammers to be as follows:

• Certification Fee of USD 550;
• Court Seal Fee of USD 100; and
• Endorsement Fee of USD 150.

The scammers also fraudulently use the name of the DFSA’s Chairman to promote the scam, and use a false email address using the DFSA’s name to communicate with consumers, namely, “dfsa.sector@financier.com”.

Please click here to view the fraudulent “Certificate of Award” and the “Fund Release Order”.

The DFSA wishes to advise that:
• the DFSA does not issue any “Fund Release Order”;
• the “Emirates Lottery 2017” does not exist, and the “Certificate of Award” is therefore a false document;
• there is no banking organisation in Dubai or in the United Arab Emirates called the “National Bank of Dubai”;
• the DFSA does not use the email address “dfsa.sector@financier.com”; and
• the scammers have fraudulently used the name of the DFSA, and that of its Chairman, without authority and for an improper purpose.

The DFSA strongly advises that you do not respond to any communication regarding the scam, and under no circumstances should you send or give any money to any party in connection with 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, including Advance Fee scams, perpetrated on consumers. For more information on these scams please go to: HOW TO AVOID BEING SCAMMED

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

False DFSA Document and Impersonation of a DFSA Employee

03 Oct 2017

The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public about false documents issued by Raecco International FZE, and to the fraudulent impersonation of a DFSA employee.

The scammers provide consumers with the following false documents issued for Raecco International FZE:

• a document titled "Certificate of Incorporation" purportedly issued by the DFSA. The false Certificate of Incorporation can be viewed here. The format of this false document is similar to documents which have been the subject of previously issued DFSA scam alerts; and

• a document, also titled “Certificate of Incorporation”, purportedly issued by the “United Arab Emirates Companies Office” or the “Registrar of Companies UAE”.  The false Certificate of Incorporation can be viewed here.  
 
The scammers have also impersonated the DFSA’s General Counsel, by using the email signature and communicating with prospective clients using the masked email address dfsa@dfsa.ae.

The DFSA informs you that:

• the DFSA does not incorporate companies and, therefore, does not issue Certificates of Incorporation;
• Raecco International FZE is not, and has never been, authorised or regulated by the DFSA;
• the incorporation of companies in the Dubai International Financial Centre (DIFC) is done by the DIFC Registrar of Companies.  However, Raecco International FZE is not, and has never been, incorporated in the DIFC and does not appear on the register maintained by the DIFC Registrar of Companies;
• Raecco International FZE does not have, and has never had, offices in the DIFC;
• there is no such organisation or authority as the “United Arab Emirates Companies Office” or the “Registrar of Companies UAE”;
• the DFSA does not use, and has never used, the email address dfsa@dfsa.ae; and
• the name and title of the DFSA’s General Counsel, a genuine DFSA employee, have been fraudulently used without authority and apparently for an improper purpose.

The DFSA strongly advises that individuals and firms do not communicate with any party in connection with the scam, and that they should under no circumstances send or give any money to such parties in connection with the scam.

The DFSA has a page on its website dedicated to informing the public about scams, including scams which misuse the name of the DFSA and/or the DIFC. All alerts issued by the DFSA may be accessed on the DFSA website at: 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

The DIFC has a page on its website dedicated to assess the authenticity of all DIFC registered companies that may be accessed at: DIFC PUBLIC REGISTER

If you have any concerns about the authenticity of any correspondence or documents that purport to be issued by the DIFC Authority, DIFC Registrar of Companies or the DFSA, you should direct your concerns to the DIFC Authority on Tel: +971 4 362 2222 and to the DFSA via the DFSA Complaints function on: COMPLAINTS

False DFSA Document used to Promote a Fraudulent Scam

04 Jan 2018

The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public about a fraudulent scam using a false DFSA document.

The scammers use a fake DFSA application form to fraudulently offer a “Fund Status Recognition Certificate” (“FSRC”) to applicants upon an advance payment of an application fee. The false document misuses the name, address and logo of the DFSA, and claims to be subject to the copyright of “Dubai Financial Services Authority LLC”. A copy of the false document can be found here.

The DFSA informs you that the:
• DFSA is not an LLC (limited liability company), and no company named “Dubai Financial Services Authority LLC” exists in the UAE;
• DFSA does not issue any “Fund Status Recognition Certificates”; and
• scammers have created a false “FSRC Form” that fraudulently misuses the name of the DFSA without authority and for malicious purposes.

The DFSA strongly advises that individuals and firms:
• do not respond to any communication from any party involved in perpetrating the scam; and
• that they should under no circumstances send or give any money to such parties in connection with 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 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


 

Fake Letter Referring to the DFSA and Impersonation of the DFSA’s Chairman

10 Jan 2018

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public about a fraudulent scheme in which the DFSA, a UAE commercial bank and various entities of the UAE Government have been impersonated.

As part of the fraudulent scheme, the scammers contact consumers and:
• falsely claim that the consumer is the beneficiary of a remittance of USD 15.5 million;
• issue a fake letter that purports to be from “The Official Portal of the UAE Government”; and
• falsely state that the DFSA requires that the beneficiary pays a “due charge” of  USD 54,250 as charged by the “Federal Government” in order for payment of the remittance to be approved.

The scammers also fraudulently use an incorrect spelling of the name, and purported signature, of the DFSA’s Chairman to promote the scam, and falsely claim that the letter is copied to a UAE commercial bank and different government entities in the UAE.

Please click here to view the fraudulent letter headed “RE: APPROVAL AND ENDORSEMENT OF FUNDS FOR REMITTANCE TO [NAME OF CONSUMER]”.

The DFSA wishes to advise that:

• the DFSA does not deal with any payments that may be requested from consumers by the “Federal Government”;
• the scammers appear to have fraudulently used the name of the DFSA, and that of its Chairman, without authority and for an improper purpose; and
• the scammers also appear to have fraudulently used the name of:
  o a UAE Government Ministry;
  o a legitimate online government system; and
  o a legitimate UAE commercial bank.

The DFSA strongly advises that you do not respond to any communication regarding the scam, and under no circumstances should you send or give any money to any party in connection with 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, including Advance Fee scams, perpetrated on consumers. For more information on these scams please go to: HOW TO AVOID BEING SCAMMED

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
 

False DFSA Certificate Used in a Fraudulent Scam

30 Jan 2018

The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public about a fraudulent scam that impersonates the DFSA and uses false documents purporting to be from the DFSA.

The scammers have issued a certificate falsely claiming that:
• the certificate is issued by the DFSA;
• the certificate verifies that the individual mentioned in the certificate has been cleared of all terrorist funding involvement and any illegal financial transactions;
• the product concerned is “cleared of terrorism”; and
• the certificate is signed by the DFSA’s Deputy Director.

The scammers also fraudulently used a false name and signature of the “Deputy Director” of the DFSA and misused the names of the DFSA, the “Government of UAE” and a UAE government Ministry without authority.
Please click here to view the certificate.

The DFSA wishes to advise that:
• the DFSA does not issue any certificates for the purpose of clearing an individual or any products from involvement in any terrorist activities; and
• the false certificate appears to have been produced for a fraudulent and malicious purpose.

The DFSA strongly advises that you do not respond to any communication regarding the scam, and under no circumstances should you send or give any money to any party in connection with 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, including advance fee scams, perpetrated on consumers. For more information on these scams please go to: HOW TO AVOID BEING SCAMMED

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), the 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
 

DIFC Impersonated in an Advance Fee Scam

06 Feb 2018

The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public about an advanced fee scam in which scammers use fraudulent emails and documents purporting to come from the Dubai International Financial Centre (DIFC).

The scammers fraudulently offer consumers access to the following services:
• Stock trading portfolio;
• Financing;
• E-marketing in Dubai;
• Debt insurance ;
• Networking with 2430 companies worldwide; and
• Credit cards.

In order to access the services, the scammers require consumers to:
• pay a fee to an agent based in Dubai, London or Mexico; and
• complete a registration form and attach identification documents.

The scammers:
• use fraudulent documents incorporating the DIFC logo, including but not limited to a “fund details and business preface document” and “funding portfolio registration form”; and
• use the following email address : difc-reg-office@protonmail.com

A copy of the fraudulent documents can be found here

The DFSA informs you that:
• the DIFC Authority, the management body of the DIFC, does not provide consumers with access to the above services;
• the “fund details and business preface document” and “funding portfolio registration form” are false documents and have not been produced by the DIFC Authority;
• the email address “difc-reg-office@protonmail.com" does not belong to the DIFC Authority and nor does it use any such email address; and
• scammers have fraudulently used the name of the DIFC, without authority and for a malicious purpose.

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 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
 

False DFSA Certificate and DIFC Clearance Certificate used in a Fraudulent Scam

04 Mar 2018

The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public about a fraudulent scam that impersonates the DFSA and the Dubai International Financial Centre (DIFC) and uses false documents purporting to be from the DFSA and the DIFC.

The scammers have issued a “Certificate of Incorporation” bearing the name, address and logo of the DFSA and purportedly signed by the Chairman of the DFSA. The Certificate of Incorporation falsely claims that First Security Service is incorporated by the DFSA. In relation to this document, the DFSA wishes to advise that:

• The DFSA does not incorporate companies and, therefore, does not issue Certificates of Incorporation;
• First Security Services is not, and has never been, authorised or regulated by the DFSA;
• The “Companies and Allied Matters Act 1990” is not a DFSA administered law;
• There is no such authority as Registrar General at the DFSA; and
• The signature on the fake Certificate of Incorporation is not the signature of the Chairman of the DFSA.
Please click here to view the fake Certificate of Incorporation.

The scammers have also issued an “International Money Laundering Clearance Certificate”, bearing the logos of the United Nations and the DIFC, and purportedly bearing the signature of the “DIFC Secretary General”. The Certificate falsely claims that the amount of USD 6,500,000 belonging to the individual mentioned in the certificate has been cleared of all money laundering and terrorism involvement and that the latter can receive such amount. The scammers also requested that the individual mentioned in the certificate invest with First Security Service.

In relation to this document, the DFSA wishes to advise that:
• The DIFC Authority does not issue International Money Laundering Clearance Certificates for the purpose of clearing individuals from involvement in any terrorist activities;
• The false certificate appears to have been produced for a fraudulent and malicious purpose;
• The “DIFC security service Act on transfer/receival of money” does not exist;
• There is no such authority as the “DIFC Secretary General”;
• The name of the individual which appears on the fake International Money Laundering Clearance Certificate has been used without authority and for a malicious purpose;
• The name and logo of the United Nations appears to have been used without authority and for a malicious purpose; and
• The signatures which appear on the fake International Money Laundering Clearance Certificate are also fake.
Please click here to view the fake International Money Laundering Clearance Certificate.

The DFSA strongly advises that you do not respond to any communications from First Security Service or relating to this scam, and under no circumstances should you send or give any money to any party in connection with 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 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
 

Rasmala Investment Bank Limited and the DFSA Impersonated in a Scam

11 Mar 2018

The Dubai Financial Services Authority (DFSA) warns the financial services community and the public of 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 approach investors for funds for investment purposes, and promise a “welcome bonus” of at least 30% depending on the type of account opened by the investor. The table below sets out the names of the account types, the minimum for each account type and the welcome bonus promised by the scammers:

 In doing so, the scammers impersonate a legitimate DIFC incorporated and DFSA regulated Firm – namely, Rasmala Investment Bank Limited (RIBL) – by:
• using the name “Rasmala Islamic European Investment Bank”, which is similar to “Rasmala Investment Bank Limited”;
• establishing a fake website in which the words “rasmalabank” appear.  The fake website is also similar to RIBL’s actual website; and
• using Twitter accounts and links in which the words “rasmalabank” appear.   
In addition, the scammers also use fraudulent documents containing the DFSA’s logo, without the authority of the DFSA. Please click here to view an example of such a document.
The DFSA informs you that “Rasmala Islamic European Investment Bank” is not and has never been:
• licensed or authorised by the DFSA;
• incorporated in the DIFC;
• licensed or registered by the DIFC Registrar of Companies; or
• licensed or registered by the DIFC Authority.

The scam referred to above is a fraud.  The DFSA strongly advises you not to respond to any communications from “Rasmala Islamic European Investment Bank” or relating to this scam, and under no circumstances should you send any money to the scammers.

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, including Advance Fee 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
 
 

 

 

BankTr8 Global Markets Dubai falsely claims to be Authorised by the DFSA

27 Mar 2018

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to false claims made by BankTr8 BlackDiamond Club (BankTr8).

BankTr8 falsely claims that a firm called BankTr8 Global Markets Dubai is authorised and regulated by the DFSA.

The DFSA advises that BankTr8 Global Markets Dubai is not, and has never been:
• authorised or regulated by the DFSA;
• incorporated in the DIFC; or
• licensed by or registered by the DIFC Registrar of Companies.

The DFSA suggests that firms and individuals can avoid being scammed by considering the following steps:
• Check the relevant regulatory status of a person before doing business with them;
• Only do 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
• Obtain 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
 

Fake DFSA Consultation Letter and Impersonation of DFSA Chief Executive

29 Mar 2018

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public about a fraud in which the DFSA’s Chief Executive has been impersonated.

As part of the fraud, scammers contact a DFSA Authorised Firm by email.  The email falsely claims to be from the DFSA’s Chief Executive with the email subject title “Dubai Financial Services Authority | Jury Decision”.  The address of the sender’s email ends in “@mail.com”.

A letter attached to the email uses the DFSA logo, refers to a Consultation Paper and contains a link to the website where genuine DFSA Consultation Papers are found.

Please click here to view the fake letter.

The DFSA advises that:
• the email and letter are fake, they have not been sent by the DFSA;
• scammers have used the name of DFSA, and that of its Chief Executive, without authority of the DFSA; and
• the DFSA does not send emails using generic or web-based email addresses and does not use email addresses ending in “@mail.com”.

The DFSA suggests that firms and individuals can avoid being scammed by considering the following steps:
• check the relevant regulatory status of a person before doing business with them;
• only do 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
• obtain 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, including Advance Fee scams, perpetrated on consumers. For more information on these scams please go to: HOW TO AVOID BEING SCAMMED

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

Fake DFSA Audit Letter and Impersonation of DFSA Staff

08 Apr 2018

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public about a fraud in which a senior staff member of the DFSA is impersonated and a fake DFSA letter is used.

As part of the fraud, a company sent a letter by email, which falsely claims that the DFSA:
• has “audited the conciliated financial transactions of the Bank to Bank trading tickets and orders” of the company to whom the letter is addressed.  The two banks referred to are named in the letter;
• has concluded that there is no indication that the parties “involved in the operation have [committed] misconduct and acted outside of the permitted boundaries of the operation at any level”; and
• is recommending “to the DIFC that all funds be released and be made available [to] the company within 30 banking days”.

The letter also fraudulently uses the name and purported signature of a senior member of the DFSA’s staff to promote the scam.

Please click here to view the fake letter.

The DFSA advises that:
• the email and letter are fake, the DFSA does not issue such correspondence;
• the DFSA does not conduct audits of the nature described in the fake letter;
• the DFSA does not provide recommendations concerning the release of funds, as described in the fake letter or otherwise; and
• the name of the DFSA, and that of a senior member of its staff, have been used without authority of the DFSA.

The DFSA suggests that firms and individuals can avoid being scammed by considering the following steps:
• check the relevant regulatory status of a person before doing business with them;
• only do 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
• obtain 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, including Advance Fee scams, perpetrated on consumers. For more information on these scams please go to: HOW TO AVOID BEING SCAMMED

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


 

False DFSA Documents used to Promote a Fraudulent Scam

18 Apr 2018

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public about a fraudulent scam that impersonates the DFSA and uses false documents purporting to be from the DFSA.

As part of the fraud, the scammers use a fake DFSA letter informing the recipient that USD 3,000,000.00 of investment funds have been processed to be transferred to their nominated bank account.  In order for the transfer to take place, the recipient is required to:
• complete a fake DFSA “Fund Reclaimant Form”; and
• pay a fee of USD 31,420.00.
The fake DFSA letter also falsely claims to be from the DFSA’s Chief Executive Officer (CEO) and Chief Operating Officer (COO).

Both the fake DFSA letter and “Fund Reclaimant Form” can be viewed here.

The DFSA advises that:
• the letter and “Fund Reclaimant Form”  are fake and have not been sent by the DFSA;
• the DFSA does not process and transfer investment funds to any bank accounts; and
• scammers have misused the name of DFSA, and that of its CEO and COO, without authority.

The DFSA suggests that firms and individuals can avoid being scammed by considering the following steps:
• Check the relevant regulatory status of a person before doing business with them;
• Only do 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
• Obtain 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

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











 

DFSA and its Chairman Impersonated in “Dubai National Lottery” Scam

07 May 2018

The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public about a scam using a fake document purporting to come from the DFSA and referring to “the Dubai National Lottery Foundation 2018 online prize awards”.

The fake document fraudulently states that a sum of USD 3,600,000 will be paid to “the beneficiary” within 36 hours if the beneficiary transfers USD 36,000 to the scammers for “registration” and to obtain “official approval” for remittance of the funds.

In the fake document, the scammers have falsely used the:

• DFSA’s name and logo on the document;
• name of the DFSA’s chairman as the signatory of the document; and
• name of other UAE banks and a UAE government ministry.

A copy of the document can be viewed here.

The DFSA would like to inform you that the:

• “Dubai National Lottery Foundation” does not exist;
• letter is fake and has not been sent by the DFSA;  and
• scammers have fraudulently used the DFSA’s name and logo, the name of the DFSA’s chairman and the name of two UAE banks and a UAE government ministry, without authority and for an improper purpose.

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, including Advance Fee scams, perpetrated on consumers. For more information on these scams please go to: HOW TO AVOID BEING SCAMMED

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

False DIFC and DFSA Documents used to Promote a Fraudulent Scam

22 May 2018

The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public to a fraudulent scam that impersonates the DFSA’s Chairman and uses false documents purporting to be from the DFSA and the Dubai International Financial Centre (DIFC).

The scammers have issued a fake “Certificate of Registration” bearing the name and logo of the DIFC Authority. The Certificate of Registration fraudulently uses a legitimate DIFC company’s name and registration number, and then falsely implies that the legitimate company is the same entity as a company called “Fidelity Investments Ltd”. The Certificate of Registration also falsely states that Fidelity Investments Ltd is registered with the DIFC Authority to carry out amongst other things, “financial transactions internationally”, “provide loans” and “distribute funds for the purpose of investments”.

In relation to this document, the DFSA informs you that:
• The Certificate of Registration is fake and has not been produced by the DIFC Authority;
• Fidelity Investments Ltd is not registered by the DIFC Authority;
• Fidelity Investments Ltd is not and has never been, authorised or regulated by the DFSA; and
• Fidelity Investments Ltd is not associated with the legitimate DIFC company.

Please click here to view the fake Certificate of Registration.

The scammers have also issued a fake “Certificate of Incorporation” bearing the name and logo of the DFSA and purportedly signed by the Chairman of the DFSA. The Certificate of Incorporation falsely claims that Fidelity Investments UAE is incorporated by the DFSA to carry out financial services.

In relation to this document, the DFSA informs you that:  
• The Certificate of Incorporation is fake and has not been produced by the DFSA;
• The DFSA does not incorporate companies, and therefore, does not issue Certificates of Incorporation;
• Fidelity Investments UAE is not and has never been, authorised or regulated by the DFSA; and
• The name of the DFSA and the DFSA’s Chairman have been used without authority.

Please click here to view the fake Certificate of Incorporation.

The DFSA suggests that firms and individuals can avoid being scammed by considering the following steps:
• Check the relevant regulatory status of a person before doing business with them;
• Only do 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
• Obtain 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, including Advance Fee scams, perpetrated on consumers. For more information on these scams please go to: HOW TO AVOID BEING SCAMMED

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

Fake DFSA Letter and Impersonation of DFSA Staff

12 Jul 2018

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public about a fraud in which a senior staff member of the DFSA is impersonated and a fake DFSA letter is used.

The fake DFSA letter is addressed to an individual (the beneficiary), who is requested to provide an “Expat Re-payment Certificate” and a “COT clearance” in order to receive an outstanding payment of AED 105,280.

The letter fraudulently uses the DFSA’s name and logo, and the name and purported signature of a senior member of the DFSA’s staff.

A copy of the document can be viewed here.
The DFSA informs you that:
• the “Central Bank of Dubai” does not exist;
• the letter is fake and has not been sent by the DFSA;
• the name of the DFSA, and that of a senior member of its staff, have been used without authority of the DFSA; and
• the DFSA does not issue correspondence of the type described in the letter.
The DFSA suggests that firms and individuals can avoid being scammed by considering the following steps:
• check the relevant regulatory status of a person before doing business with them;
• only do 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
• obtain 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, including Advance Fee scams, perpetrated on consumers. For more information on these scams please go to: HOW TO AVOID BEING SCAMMED

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
 

Al Hail Islami Finance Co. Ltd. Falsely Claims to be Authorised by the DFSA

11 Oct 2018

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public about a fraudulent advance fee scam promoted by Al Hail Islami Finance. The company falsely claims to be located in the Dubai International Financial Centre (DIFC) and falsely uses the name of the DFSA in its scam.

Al Hail Islami Finance falsely claims on its website (https://alhailislamifinanceltd.com/) that:
• it is authorised and regulated by the DFSA; and
• its office is located in the DIFC.

Al Hail Islami Finance is not, and has never been, authorised or regulated by the DFSA.  Further, Al Hail Islami Finance does not hold a commercial licence from the DIFC Registrar of Companies to operate a business in or from the DIFC, and it appears that it has no office located in the DIFC.

Al Hail Islami Finance informs its consumers that it:
• specialises in investment management, project funding, and leasing bank instruments;
• offers services like fund raising, public leasing, investment management, and loans; and
• requires payment of advance “notary and registration” fees in the amount of USD3,750 for loans.

The scammers provide consumers with false documents including fictitious loan approval letters, acceptance letters, loan agreements, and false bank confirmation letters. The false documents, which fraudulently use the name of the DIFC and a UAE bank, can be viewed here.

The DFSA advises that:
• Al Hail Islami Finance is a fake DIFC company.  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; and
• the scammers have used the name of the DFSA and the DIFC without any authority.
The DFSA has a page on its website dedicated to Alerts in relation to scams, including scams which misuse the name of the DFSA and/or the DIFC.  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, including Advance Fee scams, perpetrated on consumers. For more information on these scams please go to: HOW TO AVOID BEING SCAMMED

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

 

DFSA and two UAE Government Authorities Impersonated in a Fraudulent Scam

21 Nov 2018

The Dubai Financial Service Authority (DFSA) alerts the financial services community and members of the public about a fraudulent scheme in which the DFSA and two UAE government authorities have been impersonated.

The scammers offer consumers access to loans of up to USD 20,000,000.  However, once a consumer takes up a loan, the scammers advise the consumer that the transfer of the funds has been put “on hold”, and they ask consumers to pay the following “clearance fees” for the loan funds to be released:
• USD 60,000 to one legitimate UAE government authority;
• USD 26,500 to another legitimate UAE government authority; and
• USD 54,300 to the DFSA “for the official registration and approval of the investment contract with the DFSA”.

The scammers use the following fake documents as part of the scam:
• A false letter from the DFSA’s “Fund Monitoring Unit”. A copy can be found here.
• A false letter from a legitimate UAE government authority. A copy can be found here.
• A false letter from the “Foreign Investment Remittance Department” of another legitimate UAE government authority. A copy can be found here.

The scammers fraudulently use the name of the current Chief Executive of the DFSA, and falsely claim that he is the Head of the DFSA’s “International Funds Transfer Supervision”.

The DFSA informs you that:
• there is no department called “International Funds Transfer Supervision” at the DFSA;
• there is no unit called the “Fund Monitoring Unit” at the DFSA;
• the DFSA does not approve or register investment contracts; and
• the DFSA does not charge clearance fees for fund transfers.

The DFSA also informs you that the name of the DFSA’s Chief Executive has been used without authority and for a malicious purpose.

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 that 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

DIFC Impersonated in an Advance Fee Scam

17 Dec 2018

The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public about an advance fee scam in which scammers use fraudulent emails and documents purporting to come from the Dubai International Financial Centre Authority (DIFC Authority).

The scammers offer consumers access to loans of up to USD 125,000,000.  They provide a fake loan agreement document that fraudulently uses the DIFC’s logo, and the name of the Governor of the DIFC.
The scammers tell consumers they need to pay the following fees in order to obtain the loan:

• USD 10,000 for handling fees which the scammers say will not be refunded; and
• USD 400,000 for expenses required to facilitate the loan.  The scammers say that this fee is refundable.
The scammers use a false DIFC letter allegedly from the DIFC Authority’s “Loan Committee” as part of the scam.  A copy of the false letter can be found here.

The DFSA informs you that:
• the DIFC Authority does not provide loans.  The  DIFC Authority therefore does not levy any fees or charges whatsoever in relation to loans; and
• the identity of the Governor of the DIFC has been used without authority and for a malicious purpose.

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 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

DFSA Impersonated in a Fraudulent Scam

21 Mar 2019

The Dubai Financial Service Authority (DFSA) alerts the financial services community and members of the public about a fraudulent scheme in which the DFSA has been impersonated.

The scammers use a fake document as part of the scam, to attempt to charge potential customers to set up a meeting with a legitimate DFSA Authorised Firm, which has no knowledge of the document and no connection to the scammers. The document uses the DFSA’s logo without authority and for a malicious purpose. The document is a false “Non-Circumvention, Non-Disclosure Agreement” and a copy can be found here.

The DFSA informs you that:
• it does not allow the use of its logo for Authorised Firms to enter into agreements; and
• it does not charge fees for meetings of any sort.

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 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
 

Amana Financial Services (Dubai) Limited and the DFSA Impersonated in a Scam

15 Apr 2019

The Dubai Financial Services Authority (DFSA) warns the financial services community and the public of 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 offer trading services to potential investors under the trading name “Amana Trade”.  In doing so, the scammers have impersonated a legitimate DIFC incorporated and DFSA regulated Authorised Firm, namely, Amana Financial Services (Dubai) Limited, by:

• using the name “Amana Trade” which is similar to “Amana Financial Services (Dubai) Limited”; and
• falsely representing that it is a DFSA Authorised Firm. 

The DFSA informs you that “Amana Trade” is not a DIFC incorporated company, and has never been:
• licensed or authorised by the DFSA; or
• licensed or registered by the DIFC Registrar of Companies.

The DFSA strongly advises you not to respond to any communications from “Amana Trade” relating to this scam, and under no circumstances should you send any money to the scammers.

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, including Advance Fee 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





 

Arqaam Capital Limited and the DFSA Impersonated in a Scam

18 Apr 2019

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

The scammers operate a website (in both English and Arabic) using the names “Arqaam Trading” or “Arqaam General Trading” and offer consumers access to a platform for trading Contracts for Difference (CFDs).  If a consumer contacts the scammers, then the scammers also send marketing materials to the consumer (in both English and Arabic).  In doing so, the scammers are fraudulently using names which are similar to that of a legitimate DIFC incorporated and DFSA regulated firm called Arqaam Capital Limited.

The DFSA informs you that “Arqaam Trading” is not and has never been:
• licensed or authorised by the DFSA;
• incorporated in the DIFC, or registered by the DIFC Registrar of Companies; and/or
• licensed or registered by the DIFC Authority.

The scammers have also used the logo of the DFSA, and two other legitimate international financial services authorities, without authority and for a malicious purpose.  A copy of the webpage can be found
 here.

The DFSA advises you not to reply to any communications regarding this scam, and under no circumstances should you transfer any money to any party involved in the scam.

The DFSA has a page on its website devoted to alerts in relation to scams, including scams which misuse the name of the DFSA and/or the DIFC. 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, including Advance Fee scams, perpetrated on consumers. For more information on these scams please go to: HOW TO AVOID BEING SCAMMED

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

Hershel Escrow falsely claims to be insured by banks in the DIFC

08 May 2019

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to false claims made by Hershel Escrow.

Hershel Escrow’s website (https://hershelescrow.com/) includes the following false statements:
• its office is located in the DIFC; and
• all escrows (client assets placed in custody or trust until specified conditions are met) are deposited in a “DFSA-insured bank”.

Hershel Escrow is not and has never been authorised by the DFSA. Additionally, Hershel Escrow is not located within the DIFC jurisdiction. Further, the DFSA does not “insure” any person, including any bank.

The DFSA strongly recommends that people do not reply to any communication concerning the false claims, and under no circumstances should they give any money to any party involved.

In addition, the DFSA recommends that people can take certain steps to protect themselves from scams, for example:
• Checking the relevant regulatory status and location of a person before doing business with them;
• Only doing business with firms or individuals they trust.  Dealing with people they have never met may carry a higher risk; they should 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 in relation to scams, including scams which misuse the name of the DFSA and/or the DIFC.  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, including Advance Fee scams, perpetrated on consumers. For more information on these scams please go to: HOW TO AVOID BEING SCAMMED

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

 

False DIFC letter used to promote “Prize Money” scam

09 May 2019

The Dubai Financial Services Authority (DFSA) warns the financial services community and the public of a scam in which the scammers wrongly claim to be from the Dubai International Financial Centre (DIFC).

According to the scammers’ fraudulent letter, which uses the DIFC logo without authority, the “Dubai International Finance Centre” is awarding people “winnings” of USD 4,500,000 in exchange for an official endorsement/logistic/administrative charge of USD 12,700 along with a photocopy of identification.

This is a classic example of a lottery scam, a typical variant of the advance fee fraud whereby scammers promise the victim a large sum of money in return for a relatively small upfront fee.  Unfortunately, of course, once the scammers receive the small upfront fee, they will never pay the large sum, and generally disappear. 

The DFSA wishes to make clear that the scammers have attempted to add the appearance of legitimacy to this scam by fraudulently impersonating the DIFC.  They did this by improperly using: 

The DFSA strongly recommends that you do not respond to any letter regarding the scam, and under no circumstances should you send or give any money to any party in connection with 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, including Advance Fee scams, perpetrated on consumers. For more information on these scams please go to: HOW TO AVOID BEING SCAMMED

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

DFSA and an International Bank Impersonated in a “Covering Certificate” Scam

29 May 2019

The Dubai Financial Services Authority (DFSA) warns the financial services community and members of the public of a scam in which the DFSA and an international bank were impersonated.

The scammers, using the DFSA logo, issued a fake “Stop Order” addressed to an international bank. The Stop Order stated that an incoming transfer of USD7.6 million was put on hold, because a “Covering Certificate” is required prior to the receipt of an international transfer. The Stop Order also stated that the Covering Certificate is mandated by the DFSA and can be obtained for a fee of 0.2% of the transfer amount. A copy of the fake Stop Order can be found here.

In addition, the scammers, using the logo of the same international bank referred to in the Stop Order, issued a fake “Payment Confirmation” regarding the transfer of USD7.6 million. A copy of the fake Payment Confirmation can be found here.

Both fake letters, being the Stop Order and Payment Confirmation, were sent to a member of the public who is listed as the beneficiary of the fictitious USD7.6 million transfer.

In an attempt to authenticate the scam, the perpetrators of the scam fraudulently used the following without permission:
• The name and logo of the DFSA;
• The name and purported signature of a royal family member on the Stop Order; and
• The name and logo of an international bank.

The DFSA is informing you that the Stop Order and Payment Confirmation are false documents which were not issued by the DFSA or the international bank respectively.

The DFSA informs you that it does not:
• Require a Covering Certificate for international transfers; or
• Charge a fee for international transfers.
The DFSA strongly advises you that you do not communicate with the perpetrators in relation to the scam, and under no circumstances should you send any money to them in connection with 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 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


 

Advance Fee Scam using DFSA Logo

19 Jun 2019

The Dubai Financial Services Authority (DFSA) informs the financial services community and members of the public about an advance fee scam in which consumers are asked to pay an upfront fee in order to obtain a DFSA “Fund Release Order” or “Withdrawal Permit”.

The scammers offer a crypto-currency platform to consumers through their website.  Consumers create a trading account to use the platform, and deposit funds into the account so that they can trade.  However, should consumers attempt to withdraw funds from their trading accounts, they are required to pay an upfront fee to obtain a “Fund Release Order”.  A copy of the Fund Release Order can be found here.

The DFSA informs you that the Fund Release Order is a false document and is not issued by the DFSA.  The DFSA does not issue any documents or permits of this type.  Also, the name of the DFSA and its logo have been used without the DFSA’s permission.

The DFSA strongly advises that consumers do not respond to any communication regarding the scam, and under no circumstances 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 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
 


 

Cyprus SEC Impersonated in a Fraudulent Scam

20 Jun 2019

The Dubai Financial Services Authority (DFSA) warns the financial services community and members of the public of a scam in which the Cyprus Securities and Exchange Commission (CySEC) and its officers have been impersonated.

The scammers solicit investors for fees in exchange for settlement of fraudulent compensation claims related to the business activities of a number of firms under CySEC’s supervision. A sophisticated online campaign targeting investors is used as part of the scam which typically involves:

• individuals claiming to be CySEC officers, appointed representatives of CySEC (e.g. legal advisors), other Cypriot supervisory authorities (e.g. the Central Bank of Cyprus) and/or bank representatives appointed by CySEC contacting investors that are clients of regulated entities under CySEC’s supervision. Contact is often via emails which appear to be genuine – they carry the name, address, official stamp and logo of CySEC and fraudulently copy CySEC officials’ signature;

• false promises being made to assist investors with compensation for potential damages in connection with dealings they have had with sanctioned firms (typically online trading firms offering speculative investment products);

• soliciting personal information from investors including telephone records; and

• in some cases, calling investors via telephone in relation to email correspondence concerning the fraudulent scam.

The DFSA informs you that, as CySEC has stated in its own warnings and alerts, the CySEC never sends unsolicited correspondence to investors or members of the public, and:

• does not request any personal data, financial or otherwise;

• has no authority or jurisdiction to collect fees for any purpose from individual investors, nor does it have authority to appoint anyone to do so on its behalf; and

• does not authorise, verify, monitor, or is in any way involved in class actions, and compensation.

Example of impersonation: what you should watch out for

A recent case that came to the attention of the CySEC involved correspondence in which an individual using the name “Christos Sofroniou” attempted to convince recipients to pay legal fees to participate in fake aid programs for recovery of losses they might have suffered. As part of the correspondence, the CySEC logo was fraudulently used without authority. The individual used the electronic address contact@sofroniou-legal.org and the telephone numbers +35725654263, +35799711917.

The DFSA urges the public to remain vigilant regarding any unsolicited communication from anyone falsely claiming to represent the CySEC, and under no circumstances should you send any money to such individuals in connection with any scams. Further, investors are strongly advised to contact CySEC to confirm the authenticity of any unsolicited communication by email at info@cysec.gov.cy.

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

Redimax Capital Falsely Claims to be Regulated by the DFSA

03 Jul 2019

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to false claims made by Redimax Capital (also known as REDIMAX CAPITAL or RediMax).

Redimax Capital falsely claims on its website that it is a DFSA regulated broker and gives a DFSA registration number suggesting it is authorised to provide “registered financial services in Dubai”.

In fact, Redimax Capital is not, and has never been, authorised or regulated by the DFSA.  Redimax Capital does not hold a commercial licence from the DIFC Registrar of Companies to operate a business in or from the DIFC, and it appears that it has no office located in the DIFC.  Further, the registration number is for a legitimate DFSA Authorised Firm that has no connection to Redimax Capital.

The DFSA advises that:

• The Scammers have used the name of the DFSA without authority; and
• Redimax Capital is not authorised or regulated by the DFSA.

The DFSA has a page on its website dedicated to Alerts in relation to scams, including scams which misuse the name of the DFSA and/or the DIFC. 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, including Advance Fee scams, perpetrated on consumers. For more information on these scams please go to: HOW TO AVOID BEING SCAMMED

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


 

Skyo Microfinance Bank Limited Falsely Claims to be Incorporated by the DFSA in an Advance Fee Scam

09 Jul 2019

The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public about a fraudulent scam promoted by "Skyo Microfinance Bank Limited" which offers easy loan approvals in return for a fee to be transferred to them.

Skyo Microfinance Bank Limited:
• Asks individuals to transfer a fee to finance an insurance policy against the loan in addition to the administrative fees.
• Displays a false Certificate of Incorporation purportedly issued by the DFSA.

A copy of the false Certificate of Incorporation can be viewed here.

The DFSA advises the public that it does not issue Certificates of Incorporation of any kind to any company, firm or individual. The Certificate which is used by Skyo Microfinance Bank Limited is false.

The DFSA strongly advises prospective individuals not to respond to Skyo Microfinance Bank Limited or any other person or company representing the firm.

The DFSA also warns against sending money to Skyo Microfinance Bank Limited.  

The DFSA has a page on its website dedicated to informing the public about scams, including scams which misuse the name of the DFSA and/or the DIFC.  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
 
If you have any concerns about the authenticity of any DIFC Authority or DFSA correspondence or documents, you should direct your concerns to the DIFC Authority on Tel: +971 4 362 2222 and to the DFSA via the DFSA Complaints function on COMPLAINTS


 

Cartwright & Brown Wealth Advisory Falsely Claims to be located in the DIFC

16 Jul 2019

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to false claims made by Cartwright & Brown Wealth Advisory (Cartwright & Brown). The DFSA’s alert follows a warning issued by the UK Financial Conduct Authority on its website.

On its website, www.cartwrightandbrown.com, Cartwright & Brown falsely claims that it is located at Office 2001, Level 20, South Tower, Emirates Financial Towers, Dubai International Financial Centre (DIFC).

In fact, Cartwright & Brown is not located in the DIFC.  The above mentioned address is the address of a legitimate DFSA Representative Office that has no connection to Cartwright & Brown.

The DFSA further advises that Cartwright & Brown is not authorised by the DFSA, and does not hold a commercial licence to operate in the DIFC from the DIFC Registrar of Companies.

The DFSA strongly advises consumers not to respond to Cartwright & Brown, and also warns against sending money to Cartwright & Brown. 

The DFSA has a page on its website dedicated to alerts in relation to scams, including scams which misuse the name of the DFSA and/or the DIFC. 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, including Advance Fee scams, perpetrated on consumers. For more information on these scams please go to: HOW TO AVOID BEING SCAMMED

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

 

Fake Letter Impersonating the DFSA and its Chairman

05 Aug 2019

The Dubai Financial Services Authority “DFSA” alerts the financial services community and members of the public about a fraudulent scheme in which the DFSA and its Chairman were impersonated.

The scammers, using the DFSA logo, issued a fake letter purporting to be from the “Office of the Administrator” and the DFSA’s Chairman, while a bank and two UAE government entities were purported to have been copied in. The fake letter appears to have been sent to an individual in South Korea who was listed as the beneficiary of a USD 15 million transfer. The letter stated that in order for the UAE government to allow such a transfer, a second individual was required to travel to South Korea which would cost USD 3,500 in travel expenses.  The scammers further claimed this money needed to be transferred by the first individual to the DFSA. A copy of the fake letter can be found here.

In an attempt to authenticate the scam, the perpetrators of the scam fraudulently used the following without permission:
• The name, logo, address and purported stamp of the DFSA; and
• The name and purported stamp of DFSA’s Chairman.

The DFSA confirms that the letter is false. The DFSA informs you that it does not:
• have an office or function referred to as the “Office of the Administrator”;
• get involved in these types of transfers of large sums of money to individuals for no legitimate purpose or rationale;
• require other individuals to travel for the purposes of the safety or security of such transfers; or
• charge for travel expenses in advance of such transfers.

The DFSA strongly advises that you do not respond to the perpetrators in relation to the scam, and under no circumstances should you send or give any money to any party in connection with 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, including Advance Fee 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