To avoid getting cheated or scammed, consumer education is extremely important. The Dubai Financial Services Authority (DFSA) has created a special section on their website and updates it regularly with the latest scams that might affect DIFC and investors. We reproduce some of their content to educate you on how to avoid being scammed.
Typical scams might begin by unknown people contacting you by phone, email or fax and informing you of an amazing investment opportunity that will make you lots of money. Remember the old saying: ‘If it sounds too good to be true, it probably is.’ You should ask the caller for proof of identity and registration/license preferably in writing. A simple internet search may not be sufficient protection as many scammers have developed sophisticated websites to conceal their true purpose.
A variation of this scam is when the unknown person calls or emails you to inform you that you have won an amazing lottery/prize, even though you may not have taken part in such a lottery. After you respond, you will gradually be told that you have to pay a small registration fee or transfer mobile credit to another mobile. Each time you send money, some more fees will be requested since the scam is to try and drain you out of as much money as possible.
Central Bank - The Central Bank of the UAE is the regulator of banks and other financial institutions in the UAE, excluding the DIFC. The main responsibility of the Central Bank is the formulation and implementation of banking, credit and monetary policies to ensure the growth of the national economy of the UAE in a balanced manner.