UAE scam alert: Abu Dhabi Stock Exchange warns public against fraud

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Abu Dhabi Securities Exchange (ADX) has urged the general public and its stakeholders to be vigilant against fraud and scam attempts.

The stock exchange noted that in certain cases fraudsters potentially pose as ADX or an ADX-licensed broker or members of its management team through email, website or social media channels to perpetrate a fraud on unsuspecting community members or stakeholders.

“We urge the public and stakeholders to be extremely cautious of such behaviour and report potential fraudulent scams, suspicious emails and phishing attempts involving the use of a false ADX identity (example logo, brand, name, signatures, marketing material, invoices, member of the ADX management team etc.) to the relevant authorities in the UAE or to your home country regulator.”

ADX pointed out that the people must not respond to any unusual or suspicious communication or correspondence that they may receive, and refrain from entering into any agreement with unlicensed entities.

“ADX is aware of false materials that have been created by fraudsters by obtaining illicitly copied copyright and trademark protected materials from ADX’s official website and announcements. ADX strongly advises that you do not respond to any person or company who purports to be or represent ADX and under no circumstances should you divulge your personal information and/or transfer funds.”

Also, ADX underlined that the stock exchange does not seek investments or ask personal or financial information from the general public. It has urged the investor community to deal only with the licensed entities.

Individuals who have any doubts about the legitimacy of a particular communication, may contact ADX at compliance@adx.ae.

“For any suspected illegal activity, the public may report it to police or the relevant authorities,” the ADX added.