The Dubai Financial Services Authority (DFSA) issued a scam alert and warns the public for a new bank scam that claims you can get an easy loan with them. The scam works by asking unsuspecting customers to pay a certain fee in exchange for a guaranteed approval loan.
In a public service announcement, the DFSA specifically named the scammer as “Skyo Microfinance Bank Limited.” To convince people into transacting with them, they present false Certificate of Incorporation from the DFSA.
They would request victims to pay first for the insurance and administrative fees. Once they get the money, they would then promise the victim that they will receive the loan. However, they would soon become unresponsive and would eventually be gone with the victim’s money.
The Skyo’s fake Certificate of Incorporation is now posted in DFSA’s website to increase the public’s awareness about this new scam. DFSA and legal consultants in Dubai urge people not to give their money to Skyo Microfinance Bank Limited nor should they get in touch with any individuals representing this dubious company.
To help you avoid getting scammed, it is important to stay updated with the latest news in Dubai. You can also check with the relevant regulatory agency. You should be able to confirm if the company you are dealing with is legitimate or not.
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