The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public to a scam in which the DFSA and its Chairman have been impersonated.
The scammers have sent fraudulent “letters of irrevocable guarantee” to an overseas corporation, using the DFSA’s name, logo, address, telephone and fax numbers without authority or permission.
In these letters, they have:
- used a fake DFSA letterhead and stamp to make the documents appear authentic;
- claimed that the correspondence was issued by the DFSA’s Chairman;
- operated from fake email addresses – namely [email protected] and [email protected] – which are not genuine DFSA email addresses;
- falsely claimed to be from the “Authorization & Licencing Department” and “Legal Affairs Department Office” of the DFSA. The DFSA departments performing these functions do not have these names;
- falsely claimed that the DFSA has a “Clearance Department”. This department does not exist at the DFSA;
- falsely claimed that the DFSA can provide assistance accessing investment funds from companies or firms in the European Union (EU). The scammers have also used the name of an EU financial services regulator without permission or authority;
- issued fraudulent invoices to the overseas corporation, seeking payment for services falsely attributed to the DFSA; and
- requested payment for a software licence and settlement for a purchase invoice on behalf of the DFSA, falsely claiming that it was needed for an investment loan application.
The DFSA informs you that:
- the “letters of irrevocable guarantees” are false and fraudulent and were not sent by the DFSA. The DFSA does not issue “irrevocable guarantees”;
- the email addresses used by the scammers are not legitimate. The DFSA’s official email domain is “@dfsa.ae” – any other communication from other domains is fraudulent;
- the DFSA does not provide assistance in accessing investment funds; and
- the DFSA does not issue invoices or accept fees for such services.
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 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 DIFC Authority, 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.
