BOV advises customers to stay alert this holiday season

With the shopping season reaching its peak as Christmas approaches, Bank of Valletta continues to advise customers to be aware of the increasing attempts by scammers to obtain sensitive and personal information illicitly and maliciously. This is part of the Bank’s ongoing efforts to increase customer education on the different scams in circulation.

The Bank’s Spot the Scam campaign which has been running since March last year has attracted significant engagement from the Bank’s social media followers. The campaign features on BOV’s Facebook, Instagram and YouTube channels, providing engaging content such as quizzes, polls and informational and educational posts to help customers remain alert and identify genuine Bank communications from unsolicited requests and malicious intent.

In recent weeks various phishing attempts have been noted, urging customers to act immediately due to alleged suspension of their BOV Card or 3D Secure app. In these instances, the scam takes the form of an email or SMS appearing to be sent by the Bank asking customers to click on the link provided. Once the link is accessed through the SMS, scammers ask their victims to unenroll their cards from the 3D Secure app by providing them with step-by-step instructions, and the user is then taken to a spoofed site where they are asked to enter their card number, expiry date and CVV code. Other scams are in the form of telephone calls that appear to be from a Bank number, with the caller often speaking in Maltese and asking for sensitive information over the phone.

As part of this ongoing awareness program, customers who visit any BOV Branch in Malta and Gozo until the end of December are encouraged to test their knowledge by taking an interactive Financial Scams Quiz. Three customers who complete the quiz will be randomly drawn each month and are eligible to win a prize.

The Bank has also recently introduced a new AI-powered Transaction Monitoring tool that enables the Bank to identify any suspicious activity before any transaction is affected. Whilst this continues to protect customers, with technology playing an important role in helping fraudsters up their game, vigilance and proactiveness from customers remain the key factor in the fight against financial crime.

Bank of Valletta remains committed to protect its customers from fraudsters and scammers. The Bank would like to remind the public that it never sends any links to customers via SMS, and neither will it ask for personal or bank details over the phone, by email or SMS. With Christmas shopping in full swing and online purchases becoming even more popular, Bank of Valletta urges customers to monitor their account balances closely and frequently and report any suspicious activity immediately by calling 2131 2020. Victims of financial scams are also encouraged to file a police report within 24 hours at their nearest police station.