The Malta Financial Services Authority (“MFSA” or “the Authority”) has become aware of a number of social media profiles offering loan facilities without being duly licensed or authorized to do so.
The Authority wishes to alert the public against advance-fee loan scams whereby scammers promise the provision of unauthorized loan facilities in exchange for the payment of upfront fees prior to the loan being paid out.
The MFSA strongly advises consumers or potential consumers of financial services to exercise caution and be vigilant when seeking to make use of such facilities or when being approached with offers of financial services via unconventional channels such as telephone calls or social media.
Consumers of financial services are also reminded not to enter into any financial services transaction unless they have ascertained that the individual/entity with whom the transaction is being made is authorised to provide any financial services by the MFSA or another reputable financial services regulator.
A list of entities licensed by the MFSA can be viewed on the official website of the MFSA at https://www.mfsa.mt/financial-services-register/.
If you are a victim of a scam or think you might be dealing with an unauthorized entity or any other type of financial scam, first of all stop all transactions with the company and contact the MFSA at https://www.mfsa.mt/about-us/contact/ as soon as a suspicion arises.