Malta regulator warns of steep rise in covid-19 scams
The Malta Financia Services Authority (MFSA) has warned of a sharp increase in the number of attempted scams targeting individuals during the covid-19 pandemic.
The MFSA told the Malta Independent on Sunday: "In February of 2019 we did not issue any warning, and in March and April we only issued two warnings. This year, between 13 March and 2 April, the MFSA has issued six warnings regarding scam emails."
In a statement the MFSA said: "The scammers are taking advantage of the scenario. They are taking advantage of people who are more vulnerable and are now becoming more reliant on technology due to the mandatory social distancing we all have to follow."
"MFSA issued four warnings in just the last two weeks of March, which under normal circumstances would be the number of warnings issued over a two-month period. If the start of April is anything to go by, this trend will not be changing any time soon," the MFSA said.
The warning comes just a week after the MFSA alerted investors to a series of unauthorised cryptocurrency firms. The regulator issued a statement: "The MFSA wishes to alert the public, in Malta and abroad, that Crypto Foxtrades is NOT a Maltese registered Company NOR licenced or otherwise authorised by the MFSA to provide the service of an exchange or other financial services which are required to be licenced or otherwise authorised under Maltese law."
In January the MFSA launched a new front in its war on financial crime by partnering with companies across the financial services sectors.
The full list of companies registered and regulated by the MFSA can be found here.
The scammers are taking advantage of the scenario. They are taking advantage of people who are more vulnerable and are now becoming more reliant on technology due to the mandatory social distancing we all have to follow.”
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