The UAE Securities and Commodities Authority (SCA) has issued a series of investor indicators, cautioning the general public on spurious financial schemes presently focusing on the country.
The warnings, shared on X, highlight impersonation techniques, wrong web sites, and unlicensed corporations offering financial products and services with out regulatory approval.
Counterfeit DFM Living & Unlicensed Firms Working Illegally
The SCA reported that scammers had developed a web space mimicking the first payment platform of the Dubai Financial Market (DFM). The positioning old the DFM’s branding to deceive users into believing they had been interacting with a real establishment.
This blueprint is section of a rising kind the assign fraudsters exploit depended on names to trap investors into disclosing personal or financial data.
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Unlawful Financial Exercise by Unlicensed Firms
A preference of corporations had been discovered to be working all by the UAE with out authorization from the SCA. These corporations, equivalent to Amanah Membership, Onepro World Ltd, Excellence FX Restricted, and Investico.com, beget offered financial products and services and products to the general public despite now not being listed as licensed suppliers.
The regulator made it coast that such entities breach national financial regulations and that their products and services carry mountainous likelihood to investors. In consequence, it suggested the general public to cease a ways off from all dealings with these corporations and make sure licensing house by first payment channels.
Warning: Impersonators Posing as SCA Workers
The regulator moreover uncovered makes an attempt by other folk falsely presenting themselves as SCA workers. These impersonators beget old first payment-having a behold paperwork, UAE-essentially essentially based mostly phone numbers, and solid e-mail addresses to appear credible.
A majority of these scams eager wrong loan offers or funding offers the usage of fraudulent SCA trademarks. The SCA emphasized that no communication ought to be depended on except verified today by its first payment contact points.
Scammers Hijacking Legitimate Company Identities
To boot as to impersonating regulators, scammers beget created wrong platforms posing as first payment, SCA-licensed corporations. These platforms borrow names, trademarks, and company identities of genuine corporations to mislead investors.
This tactic makes it more now not easy for the general public to distinguish between actual sources and scams. This highlights the necessity for correct verification earlier than spellbinding with any financial service supplier.
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Given these long-established threats, the SCA urges investors to whisper warning and achieve due diligence earlier than interacting with any funding-connected platform or representative. The regulator has a publicly accessible database of licensed corporations on its first payment web space, and it encourages users to reveal suspicious job promptly.
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