Financial Crime World

Gibraltar’s Financial Institutions Warn Against Cybersecurity Threats as Scammers Target Local Residents

Warning Issued by GFSC and Gibraltar Bankers Association

In a joint statement, the Gibraltar Financial Services Commission (GFSC) and the Gibraltar Bankers Association have issued a warning to local residents about the rise of cybersecurity threats in the form of SMS mobile phone messages and email phishing attempts.

Scams on the Rise

These scams involve fake messages from banks that aim to trick individuals into revealing their sensitive security details. No legitimate financial institution sends links to clients to reconfirm their security details or personal information, which are provided at the commencement of a banking relationship and should be kept confidential and secure at all times.

How Scams Work

The scams work by pretending to be genuine messages from banks, requesting that recipients click on provided links and enter their username and password. This enables fraudsters to access the victim’s account via online banking platforms and transfer funds out.

Steps to Avoid Becoming a Victim

To avoid becoming a victim of these scams, residents are advised to follow these steps:

  • Do not reply or click on any links if you receive an SMS message or email claiming to be from a bank and requesting security details or personal information.
  • If you accidentally click on a link, do not provide your security details or personal information. Instead:
    • Contact your bank immediately and report the incident.
    • Allow the bank’s security processes to verify your identity and discuss the contents of the received message.

Reporting Incidents

Residents are also encouraged to report incidents to the Royal Gibraltar Police.

Combating Cybersecurity Threats

The joint statement concludes by emphasizing that together, individuals can combat the threat of scams aimed at achieving illicit financial gain. By staying vigilant and taking necessary precautions, local residents can help protect themselves from these cybersecurity threats.