The Financial Services Regulatory Authority (FSRA) of ADGM today (14 February) alerted the community and the public about recent fraudulent schemes in which individuals or entities make false claims on social media that they are associated with ADGM or its staff and promise loans to solicit upfront payments.
The UAE regulator said to be aware that ADGM and its staff do not process or facilitate loan transactions for third parties. Any advertisements or posts on social media platforms or unsolicited communications suggesting otherwise are fraudulent, it said.
Scammers may falsely claim to represent ADGM to deceive individuals into providing personal or financial information or to transfer funds, it further warned.
The regulator highlighted to always verify the identity of any person or organisation making contact and that official communications from ADGM will always come from verified official channels.
"Do not share confidential financial details such as bank account numbers, personal identification numbers (PINs), or passwords with anyone, even if they claim to be from a regulatory authority or an official body", it said.
