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.