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13 Sep 2020, 09:00 am | Regulator or Authority Impersonation

DFSA Impersonated in An Advance Fee Scam

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 was impersonated.

The scammer, using the DFSA logo, sent out an email to a member of the public requesting him to pay a service charge of US$ 46,739 to the DFSA in order for the DFSA to approve a transfer of US$ 100 million from a company based in Kuwait. The same member of the public was listed as the beneficiary of the fictitious US$ 100 million transfer. A copy of the email can be found here. 

In an attempt to make the scam seem authentic, the scammer fraudulently used the following without permission:

  • the name and logo of the DFSA;
  • the name of another financial services regulator in the UAE by stating that the DFSA has received final confirmation from the financial service regulator to approve this transfer; and
  • the name of a company based in Kuwait.

The DFSA informs you that the email is fictious and was not sent out by the DFSA. The DFSA also informs you that the DFSA does not charge any service fees for approving transfers between firms or members of the public.
 
The DFSA strongly advises that you do not respond to any communications regarding this scam, and under no circumstances should you send any money to them.
 
The DFSA suggests that firms and individuals can avoid being scammed by:
 

  • checking the relevant regulatory status of a person before doing business with them;
  • only doing 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
  • obtaining 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

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 

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