Scams are becoming increasingly sophisticated, and the public must stay equally alert, the Malta Financial Services Authority (MFSA) said during the launch of ScamAlert.mt, a new website designed to help people recognise, avoid and report scams.

The platform was developed by the MFSA in collaboration with the Malta Police Force and the Office of the Arbiter for Financial Services.

ScamAlert.mt features information on common forms of fraud, including business email compromise, romance scams and impersonation fraud. Each section highlights warning signs and provides practical advice on how people can protect themselves.

The website also contains anonymised real-life case studies based on complaints received by the police. Users can also access MFSA warnings and the International Organization of Securities Commissions (IOSCO) investor alert database to check whether a financial entity is authorised or whether a website may have been cloned.

The platform directs victims and members of the public to the appropriate authority for reporting, whether that is the MFSA, police or the financial services arbiter. It is available in both Maltese and English.

According to Sarah Pulis, head of conduct supervision at the MFSA and Malta's financial literacy ambassador, the website was designed around three principles: simplicity, accessibility and practicality. She said it was created to be useful to everyone, from students to pensioners.

Speaking to MaltaToday, Pulis said fraudsters are constantly changing their methods, moving from traditional email lottery scams to romance fraud and impersonation of public authorities. However, she identified urgency as one of the most common warning signs.

She urged people to stop, think and verify information instead of rushing into decisions, warning that a single click could result in significant financial losses.

Permanent Secretary for Finance Paul Zahra said the initiative focuses on awareness rather than enforcement. He described ScamAlert.mt as an example of cross-government cooperation, adding that different authorities may deal with different aspects of scams, but for the public, they are ultimately part of the same problem.

Permanent Secretary for Home Affairs and Security Joyce Dimech shared her own experience of receiving a text message that appeared to come from the tax authority and encouraged her to click on a link. Instead of acting immediately, she paused to question whether the message was genuine.

Deputy Police Commissioner Sandro Gatt said online scams no longer target specific groups. Instead, criminals increasingly exploit people's trust and sense of urgency. He encouraged victims to report scams, stressing that reporting can help prevent further financial and emotional harm.

Geoffrey Bezzina, arbiter for financial services, recalled a case from his time at the MFSA involving a 70-year-old man who had transferred 70,000 Maltese lira to fraudsters posing as a foreign lottery organisation. The money, which represented the man's life savings, could not be recovered.

Bezzina said the case highlights the importance of the arbiter's model, introduced in 2024 to help determine liability in financial disputes. The office has since removed its complaint fee, reduced processing times and recorded a significant increase in complaints, many of them linked to scams.

He also noted that international financial arbiter networks share information about scam complaints. Malta is scheduled to host the next global conference in early October.

MFSA chief executive Kenneth Farrugia concluded the launch by highlighting a case in which funds were transferred from Malta to Estonia, Thailand and China within just one hour before being withdrawn as cash.

He linked ScamAlert.mt to Malta's commitment to the Financial Action Task Force and emphasised that financial literacy has become an essential life skill. He encouraged members of the public to spread awareness and become ambassadors for the new platform.