The Malta Bankers’ Association (MBA) hosted a conference at the Xara Lodge in Rabat with the theme ‘The Fraud Landscape: Malta and Beyond’. The 2025 edition brought together key stakeholders, including regulators and operators from the local financial sector and abroad, to address pressing challenges in fraud prevention and financial crime compliance.
The conference opened with remarks from Kenneth Farrugia, Chair of the MBA, who framed the fight against fraud as an ongoing “war” made up of many evolving “battles.” While the complete elimination of fraud may be unattainable, he emphasised the importance of better coordination and stronger defences to win individual confrontations. He noted the shift from traditional over-the-counter banking to digital platforms, highlighting how fraudsters have adapted with increasing sophistication.
Farrugia underscored the need for both domestic and international collaboration, calling for greater partnership not only within the financial sector but also with telecom providers and law enforcement agencies. Sharing data on incidents and patterns is vital, he said, to disrupt fraud attempts dynamically. He also stressed the importance of continuous training and investing in technologies like AI to strengthen fraud prevention.
The conference also featured a keynote speech by Professor Saviour Formosa of the University of Malta, who examined the global fraud landscape and its implications for Malta. Speakers from EY Malta and EY UK, Josette Sciortino and James Good, provided an in-depth analysis of emerging fraud threats affecting both consumers and institutions. A key session was the panel discussion, moderated by Cynthia Borg of APS Bank, which focused on building a coordinated approach to fighting fraud in Malta, with contributions from the Malta Financial Services Authority, Malta Police Force, Central Bank of Malta, and APS Bank plc. Later sessions included insights from Yannis Georgantas from MasterCard on card fraud trends, and a discussion on building resilience led by James Good from EY UK and Timothy Zammit from HSBC Bank Malta plc. The conference concluded with a session on future actions, chaired by Mark Drago, Chair of the MBA’s Financial and Cyber Crime & Fraud Standing Committee.
In his closing remarks, the Secretary General of the MBA Karol Gabarretta, warned of the rising threat of fraud enabled by digital technologies, noting that banks are being increasingly considered as the default “payer of first resort,” a perception that risks creating a damaging cycle. He called for stronger collaboration between public authorities and the private sector, applauding public-private partnerships as an effective model. Overcoming Malta’s silo mentality is crucial, he stressed, along with addressing legislative gaps that create moral hazard. He also emphasised the shared responsibility of fostering financial literacy amongst the general public and the need for a coordinated national effort to limit the spread of fraud, that brings together resources from regulatory, enforcement, and private sector entities.
