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DFSA Impersonated in Advance Fee Scam

ALERTS

DFSA Impersonated in an Advance Fee Scam

04 Oct 2020

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public about a fraudulent advance fee scam in which the DFSA and its Chairman are impersonated.

The scammers issue a fake letter which falsely states that it is from the “Office of the Administrator” of the DFSA.  The letter also fraudulently uses the DFSA logo and contains a false signature allegedly of the DFSA’s Chairman.  A legitimate UAE bank and two legitimate UAE government entities are also purportedly “CCed” on the fake letter. 

The fake letter states that a “remittance as beneficiary” is due to be paid.  However, before this remittance can be paid, the alleged beneficiary must pay a fee of USD1,273 for the “registration of funds” to the DFSA.  A copy of the letter can be found here.

In an attempt to authenticate the scam, the scammers also fraudulently use the following without authority:
• The name, address and purported stamp of the DFSA;
• The name and purported stamp of DFSA’s Chairman; and
• The name of a UAE government entity by stating that the DFSA has consulted with the authority in relation to the international remittance.

The DFSA informs you that the letter is false. The DFSA also informs you that:
• there is no DFSA office or function  of the “Office of the Administrator”;
•  international remittances do not require the approval of the DFSA;
• It does not register any funds meant for international remittances; and/or
• It does not charge any registration or any other fees for in relation to international remittances.

The DFSA strongly advises that you do not respond to the perpetrators of the scam, and under no circumstances should you send or give any money to any party connected to the scam.

On 5 April 2020 the DFSA issued an alert to consumers warning about an increase in scams and other fraudulent activity since the onset of the COVID-19 pandemic. The original alert can be viewed by going to: INCREASE IN SCAMS DURING COVID-19

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

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

Categories: Advance Fee Scam Dubai Financial Services Authority (DFSA) Updates Fraud Impersonation

eric9to5

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