Don’t fall for this this sneaky loan scam

The Dubai Financial Services Authority (DFSA) has issued a warning about a financial loan scam targeting residents.

Using the name Skyo Microfinance Bank Limited, scammers offer fraudulent ‘easily-approved’ loans to people in return for transferring an admin fee.

It’s a classic technique employed in many types of scam; perpetrators ask for a small sum of money, before being able to process a much larger sum that has been promised to the victim. The sad reality is, of course, if it seems too good to be true, it very often is.

People were told they need to pay in advance for an insurance policy against the loan, as well as administrative costs. The ‘bank’ is also falsely claiming to be certified by the DFSA, even displaying a fake certificate (the DFSA never issues companies or institutions with ‘Certificates of Incorporation’).

The DFSA strongly advises people to not transfer money to Skyo Microfinance Bank Limited and to read the DFSA guide on how to avoid being scammed.

The warnings come fresh after the incredible Emirates NBD and Dubai Police music video collaboration warning about the dangers of other financial scams. It’s a reimagining of the 2000 hit ‘It Wasn’t Me’ by Shaggy. And if you haven’t seen it yet, you’re welcome…

If you have any concerns about the authenticity of any DIFC Authority or DFSA correspondence or documents, contact the DIFC Authority on 04 362 2222 or the DFSA via their online portal

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