DFSA Warns of Fraudulent Notices Impersonating the Regulator and Its CEO

The Dubai Financial Services Authority (DFSA) has issued a public warning after identifying a fraudulent notice falsely claiming to originate from the regulator and its Chief Executive Officer, Mark Steward. The fake communication, described as a “Notice of Amendment,” has been circulating within the financial services community and is designed to mislead recipients into believing it carries official regulatory authority.

According to the DFSA, the document falsely states that employees of the recipient organisation are required to hold “regulated certifications and licences” allegedly issued by the authority. The regulator has confirmed that this requirement is entirely fabricated and does not reflect any DFSA policy or regulatory obligation.

How the Fraudulent Notice Creates a False Appearance of Legitimacy

The DFSA explained that the perpetrators behind the notice used several tactics to make the document appear authentic. These included referencing a genuine DFSA company registration number that actually belongs to an authorised firm, falsely claiming that the notice was issued under regulatory legislation, and using the DFSA logo without permission. The notice was also falsely attributed to DFSA CEO Mark Steward, despite having no connection to him or the authority.

The regulator stressed that neither the notice nor the individuals distributing it have any association with the DFSA or with firms regulated by it.

Clear Warning to Recipients

The DFSA has urged anyone who receives such communications to ignore them entirely. Recipients are strongly advised not to respond, not to engage in any correspondence, and under no circumstances to provide payments, personal details, or company information to the sender.

The authority noted that this type of impersonation is part of a broader pattern of fraud targeting the financial services sector, where scammers attempt to exploit the credibility of regulators to pressure firms or individuals into compliance, data disclosure, or financial transfers.

Ongoing Monitoring and Verification

The DFSA confirmed that it continues to monitor and investigate impersonation attempts involving its name, senior officials, and branding. These efforts form part of its broader mandate to protect market integrity and prevent misuse of regulatory authority for fraudulent purposes.

Investors, companies, and individuals are reminded that the DFSA maintains a public register of authorised firms and licensed individuals. Any regulatory communication should be independently verified through official channels before action is taken.

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