DFSA: Another Advance Fee Scam

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

Link:

DFSA Alert

Fraudulent Letter of Consent

DFSA Alerts Page

DFSA How to Avoid Being Scammed Page

DFSA Public Register

DFSA Complaints Page

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