UAE financial services community targeted by fake DFSA scam

The United Arab Emirates financial services community has been targeted by fraudsters using a fake document from a Dubai regulatory agency in a bid to dupe them into paying false fees.

The Dubai Financial Services Authority (DFSA) has today warned that the scammers are using a false DFSA application form to fraudulently offer a “fund status recognition certificate” in return for paying an application fee.

The  regulatory body within the economic zone, the Dubai International Financial Centre (DIFC) oversees hundreds of entities and authorised firms in the area, particularly within financial services.

“The false document, pictured below left, misuses the name, address and logo of the DFSA, and claims to be subject to the copyright of Dubai Financial Services Authority,” the DFSA said in its statement alerting the industry.

“Scammers are also asking victims to pay an application fee of US$120 (Dh440) to cover registration and administration fee, as well as “issuance endorsement stamp duties.”

The bottom of the fake application form says that it has been issued by “DFSA LLC.” But the DFSA warns the public that DFSA is not a limited liability company, and that no company named “Dubai Financial Services Authority LLC” exists in the UAE.

It added that it also does not issue any document called “fund status recognition certificate,” and that scammers are merely using the company logo for “malicious purposes”.

“The DFSA strongly advises that individuals and firms:

• do not respond to any communication from any party involved in perpetrating the scam; and
• that they should under no circumstances send or give any money to such parties in connection with the scam,” the DFSA statement added.

ABOUT THE AUTHOR
Gary Robinson
Head of Video and Ezines at Open Door Media Publishing. Deputy Editor, International Investment. An experienced journalist and filmmaker with more than 20 years' financial services experience, both as journalist and originally as a fully qualified IFA, Gary works across both International Investment and InvestmentEurope titles. Previous video production credits include projects on BBC, C4 and SKY.

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