DFSA Warns of Fake Loan Approval Scam Using Its Logo

The Dubai Financial Services Authority (DFSA) has issued an urgent warning about a new scam that targets people with false loan acceptance letters. In an effort to seem professional, the letters falsely claim to be from Crowe Finance Ltd and make use of the DFSA emblem.

The forged letter tells recipients that they have been authorized for a loan of AED 25,000 with a payback term of 48 months. It further adds that monthly payments of AED 596 are required and offers a “customer service representative” to answer questions. In an attempt to mislead, the letter provides explicit instructions to ensure that bank accounts are adequately funded to prevent further costs.

The DFSA has verified that this letter is a hoax and was not issued by them or Crowe Finance Ltd, which is not licensed by the DFSA to operate. The DFSA has also said that no company is allowed to use its logo in communications without prior permission.

Consumers should reject such emails and avoid transferring money or personal information to people involved in the scam.

To increase safety, the DFSA has given tools on how to spot typical scams and prevent falling victim to fraudulent schemes. These warnings are published on their website, which also includes all issued notifications. The DFSA also invites customers to check their Public Register to see whether any companies or persons claim to be regulated.

If you have any suspicions regarding the validity of a letter or document purporting to be from the DFSA or a DFSA-regulated business, the DFSA suggests that you contact them immediately via their complaints mechanism or the DIFC Authority.

Finally, as frauds get more complex, it's vital to be watchful. Always double-check messages that seem to be official, particularly those involving money. If something appears too good to be true, it most often is.