If you get a call from financial advisors, make sure it's not a scam, MFSA warns
Consumers should be extra cautious when approached with offers through calls or social media
People are receiving unsolicited calls from persons falsely claiming to represent licence holders, providing investment advice or other financial services, the MFSA warned on Monday.
The Malta Financial Services Authority warned the public to exercise caution when receiving such calls and to verify the identity of any caller claiming to act on behalf of a licensed entity.
Consumers should independently confirm, through the official channels, that they are dealing directly with a licensed financial services provider before engaging in any further communication or financial transactions, it added.
MFSA's warning:
- Confirm the caller’s identity
- Verify the licence holder’s official channels
- Do not act under pressure
- Do not share confidential or sensitive information
"Don't enter into any financial services transaction unless you have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services regulator.
"Investors should also be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media."
A list of entities licensed by the MFSA is available here.
Anyone who believes they are a victim of a scam or thinks they might be dealing with an unauthorised entity should immediately stop all transactions with the company and contact the MFSA here.