BOV hosts fraud prevention webinar to help businesses tackle evolving scams

Bank of Valletta has hosted a fraud prevention webinar for its business customers, providing practical guidance to help businesses, employees and clients recognise and respond to fraud risks, including business email compromise and other increasingly sophisticated scam tactics.

The webinar featured addresses by BOV Chief Executive Officer Kenneth Farrugia, BOV Chief Anti-Financial Crime Officer and Money Laundering Reporting Officer (MLRO) Ryan Caruana, and Superintendent Jonathan Ransley from the Malta Police Force's Financial Crime Investigation Department.

The speakers shared insights into the latest fraud trends and emphasised the importance of maintaining a high level of vigilance.

In his opening remarks, the Chief Executive Officer of BOV Kenneth Farrugia highlighted the growing sophistication of scams and fraud, noting that both personal and business customers face increasing threats. He said the rapid advancement of artificial intelligence has further intensified these risks.

"While robust security measures are essential, technology alone is not enough. The most effective defence against fraud is an informed and vigilant user base. Ensuring that people are equipped with the right knowledge and remain alert to potential risks is critical in today's digital environment. Awareness, caution and responsible business practices are fundamental in helping organisations mitigate the ever-present threat of online financial crime," he said.

Mr Farrugia also pointed to the Digital Operational Resilience Act (DORA), which is setting the benchmark for the cybersecurity and operational resilience measures banks are required to implement.

Ryan Caruana focused on the principal fraud threats affecting businesses, describing the current landscape as one of "fraud by design", where both individuals and organisations are increasingly vulnerable to sophisticated scams. He encouraged businesses to strengthen internal controls, better understand their risk exposure and regularly test their fraud prevention measures.

The webinar forms part of a broader series of initiatives being undertaken jointly by Bank of Valletta and the Malta Police Force following the memorandum of understanding signed earlier this year.

Superintendent Jonathan Ransley provided participants with an overview of common fraud typologies, reporting procedures and practical measures businesses can adopt to minimise their exposure to scams. He also explained the Malta Police Force's approach to investigating online fraud, highlighting the importance of prompt reporting, evidence preservation and international cooperation in supporting investigations and improving the prospects of asset recovery.