Fake Bank in Dubai Scams Residents | ExpatWoman.com

WARNING! Don't Fall For This Fake Bank in Dubai

A fake bank is operating in the city offering false loans, Dubai Financial Services Authority warns

Posted on

10 July 2019

Last updated on 11 July 2019
WARNING! Don't Fall For This Fake Bank in Dubai

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.

SEE ALSO: 8 Money Scams and the Warning Signs You Should Know

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.

WARNING! Don't Fall For This Fake Bank in Dubai

Source: DFSA

According to DFSA, they do not issue Certificates of Incorporation to any businesses, companies, or individuals.

SEE ALSO: A New App Will Let You Report Fraud And Scams In Dubai

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.