DFSA Warns of Scam Impersonating Regulator and Licensed Financial Firm

The Dubai Financial Services Authority (DFSA) has warned investors about a scam involving the impersonation of both the regulator and a legitimate DFSA-authorised firm.

According to the DFSA, fraudsters created fake websites, email addresses, and an online trading platform while using the firm's name, DIFC address, and DFSA licence number without authorisation. The scammers also falsely used the firm's name in the terms and conditions published on the fraudulent websites.

To enhance the scheme's credibility, the fraudsters additionally impersonated the DFSA by using a fake email address, support@dfsafinance.com, and displaying a counterfeit DFSA digital seal.

The regulator stressed that the email address is not associated with the DFSA and reiterated that it never requests advance fees from investors in connection with investments made through authorised firms.

The DFSA urged the public not to respond to any communications related to the scam or transfer funds to anyone connected with it. Investors are encouraged to verify firms and authorised individuals through the DFSA's public register and report any suspicious communications to the regulator.