Dubai: UAE consumers have been told to be on extreme guard against online entities trying to lure them into financial scams.
The DFM-listed Al Ansari Financial Services is the latest to issue an alert, informing the public about 'unlicensed firms falsely impersonating the group or one of its subsidiaries - mainly Al Ansari Exchange - by offering high-return investment scams'. The latter is the biggest name in the personal remittances space in the UAE.
These firms 'often operate on social media platforms, promising unrealistic returns on investments and using Al Ansari Financial Services’ or Al Ansari Exchange’s name and logo to gain trust', the statement added.
"Al Ansari Financial Services reiterates that its shares are listed on the Dubai Financial Market (DFM) and can only be traded on the platform through licensed brokerage firms. The Group does not solicit investments through social media or unauthorised channels."
According to the company, investors should consider these steps to protect themselves:
- Only invest with licensed firms. Verify a firm's license with the UAE Securities and Commodities Authority (SCA), or DFM before investing. To view the companies licensed by the SCA, visit the following link: Licensed Companies | Open Data | Securities and Commodities Authority (sca.gov.ae).
- Beware of 'high-return promises. Legitimate investments typically carry inherent risks.
- Independently research any brokerage firm before investing, and never feel pressured to make a quick decision.
- If unsure about a firm's legitimacy, contact Al Ansari Financial Services directly through its official website or call centre.
- Report any suspected unlicensed firms impersonating Al Ansari Financial Services to the authorities.
UAE banks have repeatedly been sending warnings to their clients - and the wider public - about the constant threat of digital fraud and cybercrime.
"The group has conducted, through its subsidiary Al Ansari Exchange, numerous awareness campaigns, urging customers to remain vigilant against suspicious communications via phone, SMS, and email," said Al Ansari in a statement.
