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False DFSA document promotes advance fee fraud

Chris Hamblin, London, Editor, 7 August 2017

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A fraudulent advance fee scam is using documents that purport to come from the Dubai Financial Services Authority.

The fraudsters are promising to provide consumers with access to “inherited funds” of approximately US$14½ million (£11.11 million) upon payment of US$47,850 (£36,672) in “income taxes” to the DFSA.

They also provide consumers with a false “notice for tax clearance” document on a letterhead that refers to the DFSA.

The DFSA, needless to say, does not collect income taxes or any other type of tax and has never issued any “Notice for Tax Clearance.” It is not uncommon for tricksters to use the regulator's name for their own ends and, in this instance, they have also fraudulently used the name of a legitimate bank in the United Arab Emirates.

The DFSA strongly advises individuals and firms not to respond to any communication from any party involved in the scam, and also to avoid giving them any money. Compliance officers should report evidence of such scams (see picture for the document from this one) to the Dubai International Financial Centre on +971 4 362 2222 and to the DFSA through its complaints function.

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