The UAE Securities and Commodities Authority has raised the alarm over a series of fraudulent financial activities currently targeting residents and investors. According to updates shared on X, scammers are impersonating licensed firms and regulatory staff to deceive the public and promote unlicensed financial services.
The regulator warned about an imitation platform which imitated the official website of the Dubai Financial Market. The dead-end website displayed an authentic DFM design together with brand logos to present an authentic financial institution experience.
Schemers use unauthorized identity seizures to acquire confidential data by implementing this deceitful technique.
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The authority also uncovered that several unregistered companies are offering financial services across the UAE without approval. Firms such as Amanah Club, Onepro Global Ltd, Excellence FX Limited, and Investico.com have been operating illegally. The entities operate without SCA licenses, which makes them unsafe for investors.
Fraudsters Targeting Victims by Faking Regulator Identity
In addition to impersonating licensed companies, fraudsters have been posing as officials from the Securities and Commodities Authority. These individuals use forged documents, fake UAE-based phone numbers, and lookalike email addresses to appear credible.
Victims are often approached with investment or loan offers, complete with falsified SCA logos and documentation.
Some of these fraudulent online websites use cloned versions of actual approved company names and branding to deceive potential investors. The deceptive approach makes it complex for prospective investors to find true operators among questionable businesses.
All financial service verification should begin with an official website check for validity according to the authority.
All investors need to verify the regulatory status of a party before sharing personal and financial details. Public citizens should quickly report all questionable behaviors to the authorities to slow down these scam operations according to the SCA.
Conclusion
The Securities and Commodities Authority continues to act against rising fraud cases affecting the financial sector. It advises the public to stay alert, verify all financial interactions, and rely only on official sources for accurate information.
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