Dubai financial regulator uncovers multi-million dollars scam targeting UAE banks

Dubai financial regulator uncovers multi-million dollars scam targeting UAE banks

Dubai’s top financial regulator, the Dubai Financial Services Authority said it has uncovered a multimillion dollars scam targeting UAE commercial bank and various entities of the UAE Government.

The DFSA said the scammers are impersonating UAE commercial bank and various entities of the UAE Government.

As part of the fraudulent scheme, the scammers contact consumers and:
• falsely claim that the consumer is the beneficiary of a remittance of USD 15.5 million;
• issue a fake letter that purports to be from “The Official Portal of the UAE Government”; and
• falsely state that the DFSA requires that the beneficiary pays a “due charge” of USD 54,250 as charged by the “Federal Government” in order for payment of the remittance to be approved.

The scammers also fraudulently use an incorrect spelling of the name, and purported signature, of the DFSA’s Chairman to promote the scam, and falsely claim that the letter is copied to a UAE commercial bank and different government entities in the UAE.

The DFSA wishes to advise that:

• the DFSA does not deal with any payments that may be requested from consumers by the “Federal Government”;
• the scammers appear to have fraudulently used the name of the DFSA, and that of its Chairman, without authority and for an improper purpose; and
• the scammers also appear to have fraudulently used the name of:
o a UAE Government Ministry;
o a legitimate online government system; and
o a legitimate UAE commercial bank.

The DFSA strongly advises that you do not respond to any communication regarding the scam, and under no circumstances should you send or give any money to any party in connection with the scam.