A fake bank is operating in the city offering false loans, Dubai Financial Services Authority warns
10 July 2019
| Last updated on 11 July 2019
This fake bank has been scamming Dubai residents with promises of easy loans
The Dubai Financial Services Authority (DFSA) posted a public service announcement warning Dubai residents not to fall for a fake bank, which has been deceiving people with a false certificate of authenticity.
The bank in question, Skyo Microfinance Bank Limited, is a fraudulent scam claiming to offer large, easy loans in return for a small fee to be transferred.
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Skyo Microfinance Bank Limited will request you to transfer a fee, claiming the money is for administrative fees as well as their insurance policy against the loan. Scammers from the bank will present a fake certificate as shown below, saying it was issued by the DFSA.

Source: DFSA
According to DFSA, they do not issue Certificates of Incorporation to any businesses, companies, or individuals.
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Authorities warned residents not to deal with the fake bank in any way, whether to transfer money or respond to anyone representing Skyo Microfinance Bank.
How to avoid loan scams
- Keep your financial documents and other paperwork in a safe and secure place.
- Always do your own background research into the company or individual you're getting into a financial deal with. The internet is the best place to check.
- If you find yourself in financial difficulties that are enough to push you to take a loan, don't hastily sign any paperwork. Give it time and get a second opinion from people you know.
- Be on the lookout for suspicious behaviour, for e.g if they initially contacted you via e-mail or telephone, have a generic e-mail address (Gmail, Hotmail, Yahoo, etc.), or if there is a discrepancy in their e-mail details (wrong grammar and spelling, they don't address you by name, misspelt e-mail address).
- If you're going to take a new loan, keep all of the paperwork you receive as well as records of your meetings with the finance provider.
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