DFSA Alerts Public to Fake Notice Impersonating Regulator and Chief Executive

The Dubai Financial Services Authority (DFSA) has issued a warning to the financial services community and the public regarding a fraudulent notice in which both the DFSA and its Chief Executive, Mark Steward, were impersonated. The notice, titled “MODIFICATION NOTICE,” falsely informs recipients that their employees are required to hold a “regulated certification and license” under the DFSA.

According to information available to the DFSA, the scammers behind this notice have employed a range of tactics to give the communication a misleading appearance of legitimacy:

• The notice uses a legitimate DFSA Firm Reference Number that belongs to a DFSA-authorised firm.
• It claims that the notice has been issued under Regulatory Law, giving the impression of legal authority.
• The notice purports to be from Mark Steward, the Chief Executive of the DFSA, and uses the DFSA logo without permission or authority.

The DFSA emphasises that these communications are entirely fraudulent and have no connection to the DFSA or any DFSA-regulated firm. Recipients are strongly advised not to respond to any communications related to this scam and under no circumstances should any money or personal information be provided to the parties behind the notice.

This impersonation is part of a broader trend of scams targeting the financial services sector as previously reported, where fraudsters attempt to exploit the credibility of regulators to pressure firms or individuals into providing sensitive information or making payments. The DFSA continues to monitor and investigate such activity to protect consumers and market participants.

Investors, firms, and individuals are reminded that the DFSA maintains a Public Register of regulated firms and authorised individuals. BrokersView urges all firms and individuals to exercise caution, verify all communications independently, and report suspicious activity promptly to prevent falling victim to these fraudulent schemes.