UAE Scam Alert: Residents Warned Of Fraudsters Using Trading Company's Name

7/23/2024 3:05:14 PM

(MENAFN- Khaleej Times) UAE residents have been warned against scammers using a licensed company's name and other details to dupe investors.

The Securities and commodities Authority (SCA), which regulates securities in the UAE, warned that“an unknown party is impersonating the name and description of ADS Securities” which is licensed by the regulator.

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

The scamsters used the official licence issued to ADS Securities to avoid any fraudulent practices by unknown entities.

“The SCA calls on all investors to verify the truth of the entity that they deal with before signing any agreements or making any financial transfers and to refer to the data of licensed companies published on SCA's website,” the regulator said in an advisory.

Authorities in the UAE issue advisory to investors and residents, asking them to source information from reliable sources and check the authenticity of e-mails and messages sent to them through different channels so they don't become victims of fraud.

Earlier, the SCA called on investors to refrain from dealing with Platinum FX company in relation to any activities that are subject to the authority's supervision as the company has not obtained the necessary licence to practice any such activities.“As such, SCA disclaims any responsibility for any dealings with this company in this regard,” said the regulator.

ALSO READ:

UAE: Fraudsters impersonate major broker Equiti, scam investors out of millions of dirhams

UAE: Fraudsters impersonate major broker Equiti, scam investors out of millions of dirhams

UAE: 'Cheaper' insurance schemes on social media could be fake, warn firms

Abu Dhabi businessman loses $20,000 in crypto scam after mistaking scammer for vendor

MENAFN23072024000049011007ID1108472961

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.