DFSA and Barclays impersonation scam


29 December, AtoZForex.com, Amsterdam — A misleading regulator DFSA and Barclays impersonation scam has emerged. Today, the Dubai Financial Services Authority (DFSA) released details upon the tactics of fraudsters abusing the name of these renowned institutions or authority, to scam investors. The DFSA and Barclays impersonation scam is not the first of its kind, earlier this year there has been similar impersonation scams reported on CySEC and ASIC, marking a growing trend of fraudsters utilizing this new method.

In more detail, this particular case that has been unfolded by the Dubai regulator DFSA, involves an advance fee scam. According to the DFSA, fraudsters have sent emails to clients of Barclays Bank PLC UAE (Barclays UAE), urging them to pay directly an Advance Fee of $2,000 to $5,000. In return, these clients are promised to receive $10,000,000.

A copy of the scammer’s email

The DFSA has managed to retrieve the emails, which fraudsters have utilized to scam clients of Barclays UAE. In the email, fraudster has abused the name of DFSA’s chief executive, Mr Ian Johnston, to urge these potential victims to pay the advance fee scam. The copy of a false email retrieved by the DFSA starts as follow:

“It has come to the notice of this honorable association by the BARCLAY’S BANK PLC, UAE of your failure in complying to their instruction for paying the certification fees of the DFSA Dubai Financial Services Authority of $3,950 to conclude your funds crediting/remittance into your a offshore account. Please note, due to your delay and non compliance to the Barclay’s bank plc instructions, this honorable association has been compelled to petition your funds and file an application for cancellation of the payment in the next 72 hours if no compliance nor response from you.”

Barclays UAE denies all ties to emails

In an official statement disclosed through the DFSA website, Barclays UAE has denied its involvement in the scams and has confirmed that:

“It did not send or authorise the sending of any communication which refers to the release of USD 10,000,000, if a fee of between USD 2,000 to USD 5,000 is paid.”

For more information upon the case, the Dubai regulator has dedicated a separate section on its website to alert these types of scams. Aside, the DFSA encourages investors to always check its list of regulated firms in the DFSA public register.

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