29 May 2019
The Dubai Financial Services Authority (DFSA) warns the financial services community and members of the public of a scam in which the DFSA and an international bank were impersonated.
The scammers, using the DFSA logo, issued a fake “Stop Order” addressed to an international bank. The Stop Order stated that an incoming transfer of USD7.6 million was put on hold, because a “Covering Certificate” is required prior to the receipt of an international transfer. The Stop Order also stated that the Covering Certificate is mandated by the DFSA and can be obtained for a fee of 0.2% of the transfer amount. A copy of the fake Stop Order can be found here.
In addition, the scammers, using the logo of the same international bank referred to in the Stop Order, issued a fake “Payment Confirmation” regarding the transfer of USD7.6 million. A copy of the fake Payment Confirmation can be found here.
Both fake letters, being the Stop Order and Payment Confirmation, were sent to a member of the public who is listed as the beneficiary of the fictitious USD7.6 million transfer.
In an attempt to authenticate the scam, the perpetrators of the scam fraudulently used the following without permission:
• The name and logo of the DFSA;
• The name and purported signature of a royal family member on the Stop Order; and
• The name and logo of an international bank.
The DFSA is informing you that the Stop Order and Payment Confirmation are false documents which were not issued by the DFSA or the international bank respectively.
The DFSA informs you that it does not:
• Require a Covering Certificate for international transfers; or
• Charge a fee for international transfers.
The DFSA strongly advises you that you do not communicate with the perpetrators in relation to the scam, and under no circumstances should you send any money to them in connection with 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 Dubai International Financial Centre (DIFC), 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