Financial Crime World

SCAM ALERT: Watch Out for Fake Loans, Phishing Emails, and More

Malta Financial Services Authority Warns Consumers of Rising Scam Threats

The Malta Financial Services Authority (MFSA) has issued a warning about a surge in scam attempts targeting consumers through various means, including social media, email, telephone, mail, text messages, and messaging apps. Scammers are using sophisticated tactics to trick victims into divulging personal information or making financial transactions with unlicensed entities.

Common Scam Tactics

  • Spoofing: Scammers disguise their numbers to appear as if they are from a trusted source, such as a bank or company.
  • Fake Loan Offers: Promising “instant approval,” “no initial deposit,” and “cheap loans” with hidden high interest rates and fees.

Warning Signs

Consumers are warned not to fall prey to these scams. The MFSA advises exercising extreme caution when receiving unsolicited messages or calls, especially those that urge immediate action. Do not respond to financial offers made over telephone, social media, or mail.

On the Rise: Other Types of Scams

  • Romance Scams: Targeting emotionally vulnerable individuals.
  • Money Recovery Scams: Claiming to help victims recover lost funds.
  • Phishing Email Scams: Sending fake emails to trick victims into revealing personal information.
  • General Scams: Targeting financially vulnerable individuals.

How to Avoid Falling Victim

  • Conduct Business with Licensed and Regulated Providers
  • Research Entities or Individuals Thoroughly Before Investing
  • Carefully Review Contracts and Terms and Conditions for Red Flags
  • Do Not Share Personal Details or Identifiable Information
  • Be Wary of Suspicious Emails and Links

What to Do if You Suspect a Scam

If you suspect you have been scammed, immediately cease any transactions and contact the MFSA office at https://www.mfsa.mt/about-us/contact/ for assistance. Gather as much information as possible to aid in identifying the individual behind the scam.

Remember

If it sounds too good to be true, it probably is! Stay vigilant and protect yourself from these scams.