Recent alerts from the Financial Services Regulatory Authority (FSRA) and the Dubai Financial Services Authority (DFSA) highlight a significant increase in sophisticated fraudulent schemes and phishing attempts targeting both individuals and businesses in the UAE. These scams often involve the misuse of the names, logos, or branding of FSRA- and DFSA-licensed firms to deceive victims into making payments or investing in fictitious opportunities.
How Fraudsters Operate
Fraudsters impersonate authorized regulatory bodies such as the FSRA and DFSA through various channels, including:
- Emails
- Text messages
- Fake websites designed to appear legitimate
These fraudulent communications are often highly professional, making it challenging to distinguish them from genuine correspondence.
How to Protect Yourself
To safeguard against these schemes, follow these best practices:
- Always verify the identity of anyone contacting you, especially if they claim to represent a regulatory authority or financial institution.
- Never make payments or share sensitive information in response to unsolicited messages or requests.
- If in doubt, contact the FSRA or DFSA directly using the official contact details on their websites.
Verify the Legitimacy of Firms in ADGM and DIFC
If you have concerns about the legitimacy of a firm claiming to be incorporated or registered in the Abu Dhabi Global Market (ADGM) or Dubai International Financial Centre (DIFC):
- Check the ADGM Registration Authority’s Public Register: ADGM Public Register
- Check the DIFC Public Register: DIFC Public Register
- To determine if an organization has Financial Services Permission to conduct regulated activities in ADGM or DIFC, search the FSRA Public Register: FSRA Public Register or the DFSA Public Register: DFSA Public Register
Commitment to Market Integrity
The FSRA and DFSA are dedicated to upholding the integrity of the UAE’s financial markets and fostering a fair, transparent environment for all participants. By staying vigilant and following these precautions, you can help protect yourself and your business from financial scams.
