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