MBA Chairman urges closer collaboration between banks, telecoms, and law enforcement

Kenneth Farrugia, Chairman of the Malta Bankers’ Association (MBA) and CEO of the Malta Financial Services Authority (MFSA), has called for a unified and robust approach to fighting financial crime, urging stronger collaboration between banks, telecom companies, and law enforcement agencies.

Speaking at the 2025 edition of ‘The Fraud Landscape: Malta and Beyond conference’ – an event organised by the MBA to bring together regulators and financial operators from both Malta and abroad – Mr Farrugia emphasised the urgent need to strengthen defences in response to the evolving tactics of fraudsters.

He emphasised that sharing data on incidents and emerging patterns across different entities is crucial “to disrupt fraud attempts dynamically.”

He also highlighted the ongoing shift from “traditional over-the-counter banking to digital platforms,” noting that criminals are becoming increasingly sophisticated in exploiting these technologies.

To keep pace, he underlined the importance of continuous training and greater investment in AI-driven tools to enhance fraud prevention capabilities.

While acknowledging that completely eliminating fraud may not be realistic, Mr Farrugia maintained that stronger coordination and improved defences are essential to mitigating its impact.