The misuse of DFSA and CBUAE logos has become the centerpiece of a recent fraudulent scheme targeting the financial services community and the public. The public and the financial services industry have been alerted by the Dubai Financial Services Authority (DFSA) to a fraudulent scheme that involves a forged document that improperly uses the logos of the DFSA and the Central Bank of the United Arab Emirates (CBUAE). This form, sent to an unsuspecting individual, falsely claims to be from the CBUAE and requests sensitive personal and financial details under the pretense of processing “outgoing funds.”
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Key Details of the Fraudulent Form
The deceptive document alleges to be part of a pre-approval process linked to the release of funds. It contains misleading statements such as:
“The pre-approval procedure will consider this form. The issuing bank will keep making sure the procedure conforms with all applicable laws. Following the notification procedure, the Central Bank BOD will approve as soon as the Fund Release Authorization Form (FRAF-A1) is finished and paid for.”
The fraudulent form is structured to extract personal details, including identification information, address, banking data, and a declaration. To make the scam convincing, perpetrators have engaged in the misuse of DFSA and CBUAE logos, along with fabricating an official-looking CBUAE stamp.
DFSA’s Official Response
The DFSA has confirmed the following:
- The form is fraudulent: Neither the DFSA nor the CBUAE issued or endorsed it.
- Unauthorized use of logos: The misuse of DFSA and CBUAE logos breaches strict policies, as these logos require prior authorization.
- Warnings against interaction: The DFSA advises individuals to avoid engaging in any communications related to this scam and to refrain from sending money or sharing personal details.
Guidance for the Public
The DFSA provides a dedicated section on its website for alerts about ongoing scams, including incidents involving the misuse of DFSA and CBUAE logos. Consumers are encouraged to visit the DFSA website to stay informed about common scams and learn how to protect themselves.
Additionally, individuals can verify the legitimacy of financial institutions or authorized personnel by referring to the DFSA’s Public Register. A complete list of DFSA-licensed authorized individuals and regulated businesses can be found in the register.
How to Protect Yourself
- Verify authenticity: Cross-check any suspicious forms or communications with official sources.
- Don’t disclose private information: Don’t reveal money or personal information unless you are positive of the recipient’s identity.
- Report fraudulent activities: Contact the DFSA or other authorities if you encounter instances of the misuse of DFSA and CBUAE logos or other suspicious activities.
DFSA’s Commitment to Consumer Protection
The DFSA remains committed to safeguarding consumers and the financial community from fraudulent activities. By raising awareness and issuing timely alerts, it aims to minimize the risks posed by scams. For more information, visit the DFSA’s official website and access its resources on scam prevention.
Stay vigilant and informed to protect yourself from deceptive schemes.
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