Beware of cold calls on forex investments, Malta’s financial services watchdog warns

The Malta Financial Services Authority (MFSA) on Wednesday reported that it has become aware of “unsolicited calls” being made to Maltese residents from people “representing foreign entities and promoting investment services opportunities, including forex/FX trading and crypto trading”.

The national watchdog for financial services warned the public through a statement that “from information available, these entities are not licensed or otherwise authorised by the MFSA to provide any financial services which are required to be licensed or otherwise authorised under Maltese law”.

It went on to advise the public and consumers of financial services to be “extra cautious when being approached with offers of financial services, particularly offers relating to forex/FX trading and crypto trading via unconventional channels such as unsolicited telephone calls or social media private messages.

The MFSA also recommended that “consumers inform the elderly and those less knowledgeable in financial services which may be more prone to falling victim to such offers”.

The public is further reminded the public not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the relevant regulator.

A list of licensed entities by the MFSA can be viewed on the official website here.

If you are a victim of a scam or think you might be dealing with an unauthorised entity or any other type of financial scam, first stop all transactions with the company and contact the MFSA as soon as a suspicion arises.