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- Fake websites now mimic UAE financial institutions to steal user data
- Unlicensed firms are illegally offering financial services in the UAE
- Scammers are impersonating SCA officials to push fake investments
The UAE Securities and Commodities Authority released another warning because financial scams have become increasingly prevalent among public consumers. Security alerts from X demonstrate that crooks are using licenses from authorized firms and the pretense of SCA officials to execute fraudulent financial plans against investors.
Criminals have established a website that closely duplicates the legitimate Dubai Financial Market website interface. The clone site shows proper branding along with an identical layout, deceiving users into sharing their sensitive information. The SCA validated the expanding pattern of criminals stealing the identity rights of trusted establishments for criminal purposes.
The authorities have officially recognized several unauthorized companies that operate illegally throughout the UAE. Unlicensed firms operating illegally in the UAE are Amanah Club, Onepro Global Ltd, Excellence FX Limited, and Investico.com. Illegitimate financial service providers operate without SCA authorization, which creates substantial risks for investor funds because they lack proper oversight.
Criminals Now Pretending to Be UAE Regulators to Push Fake Investments
The SCA discovered deceptive scams when unknown perpetrators pretended to work for the organization. Hackers present themselves as genuine representatives through combination methods of falsified documents, fake identification, and modification of contact details. The imitators pretend to operate investment or lending deals with counterfeit SCA logos and fake email signatures.
Some criminal entities duplicate authorized SCA-approved companies’ identities to deceive unsuspecting users. This fraudulent method obstructs the public’s ability to tell actual firms apart from false ones. According to the SCA, only platforms listed on the SCA official website should be trusted.
Investors must investigate all financial business associations and representatives to determine their licensing status before initiating any professional relationships. The regulator operates a searchable database of permitted financial firms to assist public identification while demanding instant reports about probable wrongdoings.
The SCA intensifies its defensive efforts against investors because scammers are now more advanced and hostile in deception tactics. People should disregard unidentified platforms and thoroughly check all information providers while being vigilant about financial propositions.
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