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