The Malta Financial Services Authority (“MFSA” or “the Authority”) has become aware of an entity operating under the name of Libra (“the entity”) which has an internet presence at various Facebook pages and has been running sponsored videos promoting an AI Trading Tool. From information available to the MFSA, Libra appears to have no connection with the Facebook platform.
While videos and images may seem legitimate, entities may make use of AI technology to manipulate images and video/audio in their favour, therefore the MFSA advises that consumers conduct research prior to engaging in any transactions of financial services.
The MFSA wishes to alert the public, that Libra is NOT licenced or otherwise authorised by the MFSA to provide any financial services which are required to be licenced or otherwise authorised under Maltese law.
Furthermore, information available to the MFSA suggests that Libra is likely to be a scheme of dubious nature with a high risk of loss of money. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entity.
The Authority is hereby advising consumers of financial services to be extra cautious when being approached with offers of financial services via unconventional channels such as unsolicited telephone calls or social media private messages. The MFSA recommends that consumers also inform those less knowledgeable in financial services which may be more prone to fall victim to such offers.
The MFSA would like to remind consumers of financial services not to enter into any financial services transaction unless they 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 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 unauthorised 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.
