Beware of $15M scam in the name of government

dubai — The Dubai Financial Services Authority (DFSA) has warned residents about a scam that impersonates its chairman, a UAE commercial bank and other government entities.

Scammers contact consumers and make them believe they are the beneficiaries of a $15.5 million, using a fake letter under “The Official Portal of UAE Government” stating that to access the beneficiary, they have to pay a “due charge” of $54,250 (about Dh200,000) as charged by “the Federal Government.”

In a statement, the DFSA said scammers incorrectly spelt the name and signature of the authority’s chairman on the letter.

The scam also falsely attributes the letter, headed “RE: APPROVAL AND ENDORSEMENT OF FUNDS FOR REMITTANCE TO [NAME OF CONSUMER]” to a UAE commercial bank, a government ministry and an online government system.

DFSA clarified to residents that it “does not deal with any payments that may be requested from consumers by the ‘Federal Government’.” The authority also advised residents to avoid, under any circumstance, sending or giving money to any party in connection with the scam.

The public can access DFSA’s page on its website dedicated to alerts about scams. The DFSA has also issued warnings and guidance about the common types of scams, including Advance Fee scams, perpetrated on consumers.

To confirm the authenticity of any correspondence or documents that claims to be issued by the Dubai International Financial Centre (DIFC), DFSA or a DFSA regulated Firm, call +971 4 362 2222 or send a compliant on the DFSA Complaints function on the website.