Fraudsters are stealing the identity of DFSA CEO to scam victims

DFSA

Dubai’s top financial regulator, the DFSA said its chief executive is being impersonated by fraudsters to hoodwink and scam victims.

In an alert email, the DFSA said the members of the public should beware of a fraudulent scheme in which the DFSA’s Chief Executive has been impersonated.

As part of the fraud, scammers contact a DFSA Authorised Firm by email. The email falsely claims to be from the DFSA’s Chief Executive with the email subject title “Dubai Financial Services Authority | Jury Decision”. The address of the sender’s email ends in “@mail.com”.

A letter attached to the email uses the DFSA logo, refers to a Consultation Paper and contains a link to the website where genuine DFSA Consultation Papers are found.

Please click here to view the fake letter.

The DFSA advises that:
• the email and letter are fake, they have not been sent by the DFSA;
• scammers have used the name of DFSA, and that of its Chief Executive, without authority of the DFSA; and
• the DFSA does not send emails using generic or web-based email addresses and does not use email addresses ending in “@mail.com”.

The DFSA suggests that firms and individuals can avoid being scammed by considering the following steps:
• check the relevant regulatory status of a person before doing business with them;
• only do 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
• obtain independent professional advice before entering into any investment or transaction.

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