DFSA Alert: Advance Fee Scam

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.

Link:

DFSA Alert

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