The ADGM Financial Services Regulatory Authority (FSRA) published a regulatory alert warning the public about fraudulent schemes in which individuals or entities falsely claim on social media to be associated with ADGM or its staff and offer loans to solicit upfront payments. The alert underscores that ADGM and its staff do not process or facilitate loan transactions for third parties and that any posts or unsolicited communications suggesting otherwise are fraudulent. The FSRA cautioned that scammers may use these claims to obtain personal or financial information or induce victims to transfer funds. It advised recipients of unsolicited offers of loans or other financial products and services purportedly from ADGM to verify the identity of the person or organisation through official channels, avoid sharing confidential details such as bank account numbers, PINs, or passwords, and use the ADGM Registration Authority’s Public Register and the FSRA’s Public Register to confirm an entity’s registration status and whether it has the required Financial Services Permission, noting that only FSRA-authorised firms can undertake Regulated Activities in ADGM.
ADGM Financial Services Regulatory Authority 2025-02-14
ADGM Financial Services Regulatory Authority issues alert on loan transfer scams impersonating ADGM and promising loans for upfront payments
The ADGM Financial Services Regulatory Authority warned of fraudulent schemes where individuals falsely claim on social media to be associated with ADGM to offer loans and solicit upfront payments. The alert emphasizes that ADGM and its staff do not facilitate loan transactions for third parties and advises the public to verify identities through official channels and avoid sharing confidential information. Only FSRA-authorized firms can conduct regulated activities in ADGM.