Reporting financial scams to the QFC Regulatory Authority portal
Scams that the QFC Regulatory Authority deals with
The QFC Regulatory Authority deals with scams that are related to financial services activities carried on by authorised firms or those claiming to be. Those may include but are not limited to:
- firms claiming to be authorised by the QFC Regulatory Authority;
- investment scams;
An investment scam is when you are offered a fake, but convincing opportunity to make quick money or guaranteed returns. Always be suspicious of any investment opportunities that promise a high return with little or no risk. For example, you are approached by a financial advisor offering you stocks in an online trading platform for a company that doesn’t exist and once you hand over your money the advisor disappears.
- insurance policy scams;
Insurance scams are acts committed to defraud an insurance process. For example, scammers approach you pretending to be insurance agents and try to get your personal information so that they can file a fake insurance claim on your policy, resulting in raised premiums or even loss of insurance coverage for you.
- financial services scams; and
These scams are related to financial services activities carried on by QFC firms or under the QFC regulatory framework. Banking scams are also included in this category. For example, you receive an e-mail message that asks you to verify your bank account or debit card number by your existing bank, that is considered a phishing scam.
- firms that are selling policies from non-existing companies.
Scams that are outside the authority of the QFC Regulatory Authority to deal with
The QFC Regulatory Authority does not deal with scams that do not relate to financial services activities carried on by QFC authorised firms or those claiming to carry out financial services activities in or from the QFC. Those include but are not limited to oversees calls asking you to make investments, online shopping scams; or unexpected prize and lottery scams.
Further reading on general scams
While the QFC Regulatory Authority focuses on specific scams, the examples of scams listed below are to raise consumer awareness of some of the common scams that may generally occur. Please note that the QFC Regulatory Authority does not deal with these kinds of scams.
|Overpayment scams: occur by getting you to ‘refund’ a scammer who has sent you a cheque for too much money for an item you are selling.||Hacking: occur when a scammer gains access to your personal information by using technology to break into your computer, mobile device, or network.|
|Online shopping scams: scammers pretend to be legitimate online sellers, either with a fake website or fake ads on authentic websites.||Phishing: attempts by scammers to trick you into giving out your personal information, bank account numbers, passwords, and credit card numbers.|
|Travel prize scams: attempts to trick you into parting with your money to claim a ‘reward’ such as a free holiday.||False billing: scammers request from you or your business to pay fake invoices for things you did not order.|
|Free gift vouchers or free gifts: where the offer appears legitimate because well-known brands and logos are used. You are directed to a link to fill out a survey that may hack your online data.
Fake embassy e-mails: scammers claim to be an ambassador to the State of Qatar to extract money from you in return for ‘fake’ favors.
Fake calls from Ooredoo or Vodafone: scammers use internet calling applications or fake called ID telling you that you won prizes and asking for your bank details and credit card information, to make illegal transactions.
|Unexpected prize and lottery scams: scammers ask you to pay a small fee to claim your prize or winnings from a competition you never even entered.
Fake oversees calls: where you receive a missed call from overseas numbers from time to time, and when you call back you are charged premium rates.
Identity theft: is a type of fraud that involves using someone else’s identity to steal money or gain other benefits.