DFSA Alert: DIFC impersonated in advance fee scam

ALERTS

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

Link:

DFSA Notice

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