DFSA Fraud Alert: Hershel Escrow

Hershel Escrow falsely claims to be insured by banks in the DIFC

08 May 2019

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to false claims made by Hershel Escrow.

Hershel Escrow’s website (https://hershelescrow.com/) includes the following false statements:
• its office is located in the DIFC; and
• all escrows (client assets placed in custody or trust until specified conditions are met) are deposited in a “DFSA-insured bank”.

Hershel Escrow is not and has never been authorised by the DFSA. Additionally, Hershel Escrow is not located within the DIFC jurisdiction. Further, the DFSA does not “insure” any person, including any bank.

The DFSA strongly recommends that people do not reply to any communication concerning the false claims, and under no circumstances should they give any money to any party involved.

In addition, the DFSA recommends that people can take certain steps to protect themselves from scams, for example:
• Checking the relevant regulatory status and location of a person before doing business with them;
• Only doing business with firms or individuals they trust.  Dealing with people they have never met may carry a higher risk; they should be particularly cautious when receiving unsolicited communications; and
• Obtaining independent professional advice before entering into any investment or transaction.

The DFSA has a page on its website dedicated to Alerts in relation to scams, including scams which misuse the name of the DFSA and/or the DIFC.  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

Link:

DFSA Notice

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