Dubai's DFSA warns about scammers impersonating regulator

UAE - The Dubai Financial Services Authority (DFSA) has warned financial services community and the public about a fraudulent advance fee scam in which the DFSA and its chairman are impersonated.

The scammers issue a fake letter, falsely stating 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 $1,273 (Dh4,672) for the "registration of funds" to the DFSA.

The scammers also fraudulently use the name, address and purported stamp of the DFSA; name of a UAE government entity by stating that the DFSA has consulted with the authority in relation to the international remittance.

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

On April 5, 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.