From: RegTech Analyst
The authorities in Malta have joined the regulators around the world warning businesses about a rise of coronavirus related scams.
The Malta Financial Services Authority (MFSA) has ramped up its warnings to consumers and other market stakeholders amidst a rise in financial scams that try to leverage the global pandemic.
Echoing previous assessments from other law enforcement agencies around the world, the MFSA has noted an increase of COVID-19 related fraud attempts.
It added that as consumers have become more reliant on technology to access services due to the mandatory social distancing currently in place, their dependency has also made them more vulnerable to scams through emails and social media.
Therefore the MFSA has encouraged all members of the public to exercise caution when viewing social media adverts, investment advice notices, requests for donations, as well as requests for information related to medical or insurance policies.
The regulator has also warned businesses of the need to ensure security of sensitive data when working remotely, with both cybersecurity and employee awareness being emphasised. At the same time, the regulator is alerting investors to the dangers of doing business with financial entities that lie about being licensed and/or authorised or regulated by the MFSA.
Copyright © 2020 FinTech Global
