Banking Scams on the Rise: Bank of Valletta Warns Customers to Be Vigilant

Banking Fraud Alert in Malta

In a bid to alert its customers to the various scams currently circulating in Malta, Bank of Valletta is urging people to remain vigilant and cautious when conducting financial transactions.

Sophisticated Scam Tactics

Fraudsters are using increasingly sophisticated methods to trick individuals into giving out sensitive financial information. Scams typically involve sending fake text messages or making phone calls that appear to come from a legitimate financial institution, prompting victims to give out account numbers, passwords, and card details. Once this information is obtained, fraudsters can access accounts and conduct fraudulent transactions.

Common Scam Tactics

• Informing victims that their card or phone has been blocked for security reasons and asking them to click on a link leading to a fake website.
• Posing as genuine employees of Bank of Valletta over the phone.

How to Spot Scams

To avoid falling victim to these scams, customers need to be aware of the following:

• Bank of Valletta never sends SMSs containing links to websites or asks for specific account numbers, card details, PINs, passwords, codes, signatures, one-time passwords, or multi-factor authentication over the phone.
• The bank’s employees will not ask customers to conduct financial transactions over the phone.

Bank of Valletta’s Efforts to Safeguard Customer Interests

To support its efforts to safeguard customer interests, Bank of Valletta has:

• A Card Fraud Management Team that monitors suspicious transactions around the clock and contacts customers to verify transactions occurring on their accounts.
• Invested in state-of-the-art technology that monitors card transactions in real-time, helping to identify and stop suspicious transactions as they occur.

Spot the Scam Campaign

To further educate its customers on how to avoid scams, Bank of Valletta has launched a Spot the Scam campaign. The campaign will share tips and tricks on recognizing and avoiding fraudulent activities. Customers can follow the campaign on the bank’s social media channels - Facebook, Instagram, Twitter, and LinkedIn.

Staying Secure

The bank is urging customers to always be vigilant and cautious, especially with scams becoming increasingly sophisticated. Anyone who has doubts or concerns about a transaction should contact Bank of Valletta immediately on 2131 2020 so that the right action can be taken.