DFSA issues identity theft alert

The Dubai Financial Services Authority (DFSA) has alerted the public about a scam perpetrated by people claiming to represent companies called ‘Finder Development Company’ and ‘Tayer Capital Investment Company’. 

“Neither of these companies are registered or authorised by either the Dubai International Financial Centre Authority (DIFCA) or the DFSA,” the authority said in an online fraud alert.

“The DFSA believes that the perpetrators of the scam are misusing names which are similar to those of legitimate individuals and businesses in the United Arab Emirates (UAE). The perpetrators of such scams often copy the names of legitimate people and businesses to add legitimacy to their scam,” it noted.

The DFSA said in its alert that the perpetrators of this scam:

• Falsely advise victims that a company, “Finder Development Company”, is offering funding opportunities for periods of 7 to 10 years (or more) at an annual interest rate of 3.5%, and on condition that the project generates 10% return on investment within the period;

• Falsely inform victims that “Finder Development Company” is incorporated by the DFSA;

• Provide victims with a fraudulent “Certificate of Incorporation” that purports to be issued by the DFSA;

• Claim that a citizen of the UAE is the owner of “Finder Development Company”, and the Chief Executive Officer of “Tayer Capital Investment Company”.  A copy of the passport of this individual is also provided; and

• Provide victims with a fake Term Sheet.

In relation to the false Certificate of Incorporation, the DFSA advised that it does not issue Certificates of Incorporation and that the logo appearing on the Certificate is not the DFSA’s logo.

In addition, it noted that “Al Fattan Currency House”, referred to in the Certificate is located in the DIFC, and not in Abu Dhabi; and that Saeb Eigner, the person referred to in the false Certificate, is the Chairman of the Board of Directors of the DFSA.  His name has been used without his authority and for a fraudulent purpose. In effect, said the DFSA, the Certificate of Incorporation is a forgery.

“Consumers can protect themselves from such scams by making enquiries with their relevant regulator, in this case the DFSA, or by conducting simple internet searches to determine the legitimacy of firms or products that are being promoted,” it noted.

“The scam referred to above is a fraud. The DFSA strongly advises that you do not respond to representations of this type or send money to the scammers.”

The DFSA has recently issued warnings and guidance about the common types of scams perpetrated on consumers.

 

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