Stay alert against fraud
Alongside the various initiatives that have been taken forward by members of the banking sector until now, the Malta Bankers’ Association (MBA) is issuing this highly crucial call to action: fraud attempts are on the rise, and protecting our community requires vigilance from everyone.
Whilst fraudsters are becoming increasingly sophisticated, the golden rule remains the same -your bank will never ask you to transfer money or share your sensitive details over the phone.
“We urge everyone to pause, verify, and stay alert. Together, as a community, we can stop these scams before they cause harm,” said MBA Chair Kenneth Farrugia.
Criminals are deploying increasingly advanced tactics including amongst others impersonating bank employees so as to pressure customers into transferring funds under false pretences. But banks will never contact customers by phone, email, or SMS to request that customers transfer money to another account. They will also never ask for sensitive details such as passwords, PINs, or authentication codes over the phone or other media.
Fraudsters may appear convincing by using real names, referencing recent potential transactions, and even displaying legitimate bank phone numbers on caller ID – a tactic known as “spoofing.”
Moreover, fraudsters may appear legitimate by creating relationships with potential victims and then urging such individuals to send money for various reasons.
The MBA and its members strongly advise against sending money, especially to people you have never met in person, as fraudsters often form “relationships” to later persuade victims to invest in crypto and other similar schemes.
This is not just an individual issue – it is a community challenge. Every fraudulent transaction weakens trust in the financial system and puts families, businesses, and the economy at risk. The MBA urges everyone to share this message widely with relatives, friends, and colleagues: “Awareness is our strongest defence.”
If you receive such a call, hang up immediately and contact your bank through official channels. Never act on instructions to move money, even if the caller claims it is for your protection. Report any suspicious calls or messages to your bank and the police without delay.
The MBA strongly encourages customers to adopt a “Stop and Verify” approach: if in doubt, stop the transaction and verify directly with your bank. Protecting your finances starts with active and constant vigilance.
