A senior official from the Dubai Financial Services Authority (DFSA) has revealed that both he and the authority itself have been targeted by increasingly sophisticated impersonation schemes. Patrick Meaney, head of enforcement at the DFSA, shared with Khaleej Times how scammers often pose as him or the authority, offering fraudulent services with fake documents that appear legitimate. “We get impersonated a lot,” Meaney said, explaining how scammers trick individuals into making payments by claiming they can help secure a financial windfall.
Meaney explained that he regularly receives emails from victims who are misled into believing they must pay fees to the DFSA. He personally responds to inform them they are being scammed, stressing the importance of education in combating such fraud. “People need to be aware of the danger and not trust individuals they meet online or via social media,” he added.
The growing role of Artificial Intelligence (AI) in these scams is a major concern for the DFSA. Meaney noted that AI can create highly convincing fake documents with professional formatting, logos, and language that make them appear genuine. “AI has enabled that, unfortunately,” he said, emphasizing the need for vigilance.
The DFSA has been proactive in addressing financial fraud, including taking enforcement action against companies like Vedas International Marketing Management, which falsely claimed to be DFSA-authorized while promoting high-risk financial products. Vedas was fined $100,000 (Dh367,000) for deceptive cold calling and misleading retail investors.
Meaney cautioned the public to exercise due diligence, particularly when dealing with unsolicited calls. “If someone is cold calling you, you cannot trust what they are telling you,” he warned, urging investors to verify companies through the DFSA’s website to ensure they are properly authorised.
DFSA Chief Executive Ian Johnston reinforced the importance of strong enforcement in maintaining market integrity. “It is in the interest of the industry to have a regulator with strong enforcement powers,” he said, stressing that action against fraudsters is often more effective than imposing blanket regulations. Johnston also highlighted the DFSA’s “name and shame” policy, which publicly identifies fraudulent companies to deter further misconduct.