Scam Alert: MFSA issues warning against fraudulent calls

Malta Financial Services Authority (MFSA) has issued a warning against scam calls, as “a number of individuals have received unsolicited calls via social media mobile applications” erroneously appearing to be from it.

The MFSA warns that callers might be asking the consumers to provide their bank details, and threatening that otherwise their bank account will be blocked.

The organisation says it wishes to inform the public, in Malta and abroad, that these calls do not originate from the Authority and they likely relate to a scheme of dubious nature with a high risk of loss of money.

“The MFSA hereby alerts the general public to never provide such sensitive and confidential information over social media, email or other means to unknown individuals”, it says.

It also reiterates that the Authority communicates with the public only through official channels, and that similarly, banks and other Government institutions do not contact consumers through such means.

The MFSA also reminds consumers of financial services 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 MFSA or another reputable financial services regulator.

Investors should also be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media.

For more information on scams the MFSA asks readers to refer to its Scam Detection Guidelines.