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UAE loan scam by fake bank sparks warning

 

DUBAI – Were you offered an easy loan in exchange for a small fee? It’s a scam, the Dubai Financial Services Authority (DFSA) has warned.

According to the DFSA, a fake bank called Skyo Microfinance Bank Limited is running the scam that is now targeting UAE residents.

The scam works by asking victims to transfer a fee to fund an insurance policy as a guarantee for the loan.
Victims were also given a fake certificate of authentication purportedly issued by the DFSA.

“The DFSA advises the public that it does not issue certificates of incorporation of any kind to any company, firm or individual,” the authority said on its website.

The DFSA warned individuals “not to respond to Skyo Microfinance Bank Limited or any other person or company representing the firm.” ICA/Expat Media

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