DFSA warns of online scams

07 Jul 2011

(MENAFN) The Dubai Financial Services Authority’s (DFSA) spokeswoman said that due to an increase in online fraud involving the Dubai International Financial Center (DIFC) and the DFSA, the DFSA issued warning about scams using the letterhead of both agencies in order to con people in advance-fee frauds, reported The National.

The spokeswoman added that since 2008, the DFSA issued seven warnings about such scams, moreover, when the authority would know anything about these attempts it would tell the public and take the appropriate action.

She also said that fraud involved people falsely advising victims that funds were available which they could access or that fictitious loans are available, which carried the promise of swift finalization and release of funds.

It is worth noting that companies and government bodies in the UAE are used in frauds partly because of the perception that the country is wealthy.

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