Dubai Regulator Warns Of Fake Firms Claiming DFSA Licence

(MENAFN- Khaleej Times) The Dubai Financial Services Authority (DFSA) has warned investors and the financial community about fresh online scams falsely claiming links to the regulator, including one that impersonates a licensed financial firm and another that uses cloned versions of the DFSA's public register to appear legitimate.

In an alert issued on March 5, the regulator said fraudsters have impersonated a legitimate DFSA-authorised firm, Amana Financial Services (Dubai) Limited, by operating under a similar name and setting up a misleading website.

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According to the DFSA, scammers are using the name“Amanah Capital” and falsely representing that the entity is authorised by the regulator. To facilitate the scam, they created a website amaanahcapitall which is currently showing as“under maintenance”.

The DFSA said the operation appears to be an advance fee scam, where victims are typically asked to pay upfront charges on the promise of investment opportunities or financial services.

The regulator urged members of the public not to respond to any communications linked to the scam and warned that no money should be sent to individuals or entities associated with it.

In a separate alert issued the same day, the DFSA also flagged two other fraudulent operations claiming to be regulated by the authority.

Fraudsters have created websites for entities called Qalynomics and Qanotarytx, falsely stating that the firms are licensed and supervised by the DFSA.

To make the claims appear credible, the scammers also created fake domains that mimic the DFSA's Public Register, including web pages that falsely show the two entities as authorised firms.

The regulator clarified that neither Qalynomics nor Qanotarytx has ever been authorised by the DFSA and that the cloned websites have no connection with the regulator.

The DFSA advised consumers to verify the status of financial firms through its official Public Register before dealing with any investment or financial service provider.

The authority also encouraged anyone with concerns about suspicious communications or documents claiming to be issued by the DFSA, the DIFC Authority, or a regulated firm to report the matter through its official complaints channels.

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