DFSA Warns Investors as Fraudsters Pose as Regulated Firms Again
What Prompted the DFSA’s Latest Warning?
The Dubai Financial Services Authority has issued new alerts later than identifying multiple impersonation schemes targeting investors and financial firms linked to the Dubai International Financial Centre. The warnings follow two separate cases where scammers used the names of regulated and non-regulated firms to pass themselves off as authorised entities.
In the first case, fraudsters impersonated GSB Capital Ltd, a firm authorised by the DFSA. The group created a website, “getmyloans.info,” which has since been removed, and used the identities of real employees to present the operation as legitimate. The regulator noted that this is the second time GSB Capital Ltd’s name has been misused and stressed that the firm has no involvement in the activity.
A second alert involved a group claiming false DFSA authorisation while impersonating Mirante Fund Management SA, a legitimate Swiss firm supervised by FINMA. The scammers circulated a forged document containing a UK stock platform logo and a fabricated DFSA reference number in an attempt to convince recipients the firm operated under DFSA oversight.
Investor Takeaway
How Are Scammers Exploiting Investor Trust?
Both schemes relied on tactics that have become increasingly common in financial fraud: forged regulatory documents, misused company names, and fake reference numbers. The DFSA noted that scammers often use the branding of well-known authorities or platforms to create the appearance of legitimacy, hoping that investors will not verify the details.
By using real employee names or mimicking authorised firms, fraudsters attempt to sidestep the usual red flags associated with unlicensed operators. The DFSA said such behaviour aims to exploit public trust in regulated structures and create pressure for quick decisions, especially in communications involving loans, investments, or “exclusive” opportunities.
In both cases highlighted this week, the regulator urged the public not to respond to any communications linked to the scams and not to send money or disclose personal or financial information to unknown parties.
What Tools Does the DFSA Provide to Verify a Firm’s Status?
To assist stem the increase in impersonation attempts, the authority maintains an Alerts section on its website where it publishes known scams and fraudulent activity. It also offers consumer guidance explaining common tactics used in impersonation schemes, including spoofed email domains, counterfeit licences, and cloned websites.
Investors can verify the regulatory status of a firm or individual through the , which lists all entities licensed to operate in or from the DIFC. The regulator also encouraged users to contact the DFSA directly if they receive correspondence that appears suspicious or inconsistent with known regulatory procedures.
The authority also reminded the public that it does not solicit investments, request payments, or send unsolicited offers. Any message claiming to be issued by the DFSA or DIFC Authority that asks for funds should be regarded as suspicious until confirmed through official channels.
Investor Takeaway
Why Are Impersonation Schemes Rising?
The alerts reflect a broader increase in cross-border digital in regulated hubs. Fraud groups often and use web-based templates that can be rapidly cloned. The DFSA said these schemes now frequently involve fabricated regulatory identifiers, forged approvals and documents referencing bodies such as the DFSA, the DIFC Authority or foreign platforms.
As these cases grow more complex, the and individuals to remain alert, check regulatory credentials independently and report any suspected wrongdoing. Concerns involving false claims of authorisation can be raised with the DIFC Authority by phone or submitted directly to the DFSA through its complaints function.
