- UAE flags unauthorized firms and impersonation schemes
- Regulator identifies fake websites posing as DFM and licensed companies
- It urges the public to verify licenses through official SCA platform
The UAE Securities and Commodities Authority (SCA) has issued a series of investor alerts, cautioning the public on fraudulent financial schemes currently targeting the country.
The warnings, shared on X, highlight impersonation tactics, fake websites, and unlicensed companies offering financial services without regulatory approval.
Fake DFM Site & Unlicensed Firms Operating Illegally
The SCA reported that scammers had developed a website mimicking the official platform of the Dubai Financial Market (DFM). The site used the DFM’s branding to deceive users into believing they were interacting with a legitimate institution.
This scheme is part of a growing trend where fraudsters exploit trusted names to lure investors into disclosing personal or financial data.
Related: Ripple Earns DFSA License to Expand Crypto Payment Solutions in UAE
Illegal Financial Activity by Unlicensed Firms
A number of companies were found to be operating within the UAE without authorization from the SCA. These firms, such as Amanah Club, Onepro Global Ltd, Excellence FX Limited, and Investico.com, have offered financial services and products to the public despite not being listed as licensed providers.
The regulator made it clear that such entities breach national financial laws and that their services carry substantial risk to investors. As a result, it advised the public to avoid all dealings with these companies and confirm licensing status through official channels.
Warning: Impersonators Posing as SCA Staff
The regulator also uncovered attempts by individuals falsely presenting themselves as SCA employees. These impersonators have used official-looking documents, UAE-based phone numbers, and forged email addresses to appear credible.
Some of these scams involved fake loan offers or investment offers using counterfeit SCA logos. The SCA emphasized that no communication should be trusted unless verified directly through its official contact points.
Scammers Hijacking Legitimate Company Identities
In addition to impersonating regulators, scammers have created fake platforms posing as legitimate, SCA-licensed companies. These platforms borrow names, logos, and corporate identities of real firms to mislead investors.
This tactic makes it more difficult for the public to distinguish between trustworthy sources and scams. This highlights the need for proper verification before engaging with any financial service provider.
Related: VARA Compliance Forces Binance FZE Delisting of XMR, ZEC, Fiat in UAE
Given these widespread threats, the SCA urges investors to exercise caution and perform due diligence before interacting with any investment-related platform or representative. The regulator has a publicly accessible database of licensed companies on its official website, and it encourages users to report suspicious activity promptly.
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Source: https://coinedition.com/financial-scams-target-uae-sca-warns-of-fake-dfm-site-imposters/