The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to a fake email in which the DFSA and a member of the DFSA’s senior management were impersonated.

The scammers have set up an email account in the name of the DFSA’s Chief Executive Officer (CEO). Using that email account, the scammers sent an email to members of the public stating that their email addresses were identified by the DFSA in a database pertaining to an online fraudster, which the DFSA has now taken into custody and confiscated the funds in his bank account. The email also requests members of the public to contact an individual, who is purportedly a payment manager at the UAE Central Bank, in order to arrange for a transfer of USD 8,400,000 to them. A copy of the email can be found here.

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

·       An email address referring to the DFSA’s CEO;

·       An email signature purporting to be that of the DFSA’s CEO;

·       The name and email address of an individual purporting to be a payment manager at the Central Bank of the UAE;

·       The name of the Central Bank by referring to it as the remitting bank for the transfer of USD 8,400,000; and

·       The name of a division within the Central Bank by referring to it as a division of the DFSA.

The DFSA informs you that the email is fictitious and was not sent by the DFSA. 

The DFSA also informs you that it does not take individuals into custody, nor does it confiscate their monies. The DFSA also does not make transfers to members of the public.

The DFSA strongly advises you not to respond to any communications regarding this scam, and under no circumstances should you send or give any money to any party connected to the scam.

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.