Financial Crime World

Malta Fights Back Against Financial Fraud: Examples of Scams Emerge

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Financial exploitation is a growing concern in Malta, and digital finance has become a significant factor in this type of fraud. A recent national survey conducted by ĠEMMA, a leading authority on retirement and financial income, sheds light on the alarming prevalence of scams and fraud in Malta.

The Survey Results

The survey, carried out in February 2021, aimed to provide an empirical baseline of the situation in Malta. ĠEMMA collaborated with the eSkills Malta Foundation and the HSBC Malta Foundation to issue its Little Black Book Series on scams and fraud, currently in its fifth edition.

Examples of Financial Fraud

The survey’s results highlight the need for increased awareness and vigilance among citizens to protect themselves from these criminal activities. Some examples of financial fraud that have been identified include:

  • Investment scams
  • Online phishing schemes
  • Credit card fraud

These types of crimes not only cause financial loss but also damage trust in institutions and undermine public confidence in the financial system.

The Importance of Awareness and Education

In response to these concerns, ĠEMMA has added two new core knowledge and skill domain competencies to its 2017-2019 Strategy for Retirement and Financial Income for a Maltese citizen:

  • Financial exploitation
  • Digital finance

These competencies aim to empower citizens with the skills they need to navigate the complex world of finance and protect themselves from scams.

The Road Ahead

As Malta continues to battle financial fraud, it is clear that awareness and education are key to preventing these crimes. Citizens must be vigilant and take steps to safeguard their personal and financial information. With the help of organizations like ĠEMMA, the fight against financial fraud can be won.

Conclusion

The survey’s findings serve as a valuable resource for researchers and policymakers working in the financial capability policy area. The microdata from the study is now publicly available, providing insights into the scope and nature of financial fraud in Malta. By staying informed and taking proactive steps to protect themselves, citizens can help prevent financial fraud and maintain trust in the financial system.