Scammers calling individuals posing as payment service providers, banks … and even as the MFSA

The Malta Financial Services Authority (MFSA) has issued a consumer warning after a number of individuals received unsolicited calls, with some being made via social media apps.

The scammers appear to be calling from ‘MFSA’, or other payment services providers and banks.

The callers are asking consumers to act immediately and provide their bank details, warning that otherwise their bank account will be blocked.

The authority urged the public to never provide sensitive and confidential information over social media, email, telephone calls or other means to unknown individuals.

It also noted that the MFSA communicates with the public only through official channels. Similarly, banks and other institutions do not contact consumers through such means.

The MFSA reminded consumers of financial services not to enter any financial services transactions 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 service regulator.

Investors were also urged to be extra cautious when being approached with offers of financial services through unconventional channels such as telephone calls or social media.

Information about scams can be found on the Scam Detection Guidelines issued by the MFSA.

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

Furthermore, a list of entities licensed by the MFSA can also be viewed on the website.