Bank of Valletta has hosted a fraud prevention webinar for business customers, offering practical guidance to help businesses, their employees and their clients recognise and respond to fraud risks, including business email compromise and other evolving scam tactics.
The session was addressed by BOV Chief Executive Officer Kenneth Farrugia, BOV Chief Anti-Financial Crime Officer and MLRO Ryan Caruana, and Superintendent Jonathan Ransley from the Malta Police Force Financial Crime Investigation Department. Together, they shared practical insights on the latest scam threats and underlined the importance of continued vigilance.
In his introductory remarks, Kenneth Farrugia stressed that scams and fraud are becoming increasingly sophisticated, creating challenges for both personal and business customers. He noted that the advent of AI has heightened these risks further. “While robust security measures are essential, technology alone is not enough. The most effective defence against fraud is an informed and vigilant user base. Ensuring that people are equipped with the right knowledge and remain alert to potential risks is critical in today’s digital environment. Awareness, caution and responsible business practices are fundamental in helping organisations mitigate the ever-present threat of online financial crime,” he said.
Mr Farrugia also highlighted that, within the banking sector, the Digital Operational Resilience Act is setting the standards for the security measures that banks need to have in place.
Ryan Caruana focused on the main fraud threats facing companies, describing the current environment as “fraud by design”, where anyone can be at risk of being defrauded, whether in daily life or in business. He encouraged organisations to strengthen their controls, understand their risks and carry out the necessary testing within their operations.
The webinar forms part of a series of initiatives being undertaken by the Bank with the Malta Police Force following the memorandum of understanding signed earlier this year. Superintendent Jonathan Ransley guided participants through common fraud typologies, reporting procedures and practical steps businesses can take to reduce their exposure to scams. He also outlined the police response to online fraud, including investigation procedures, international cooperation, and the importance of timely reporting and evidence preservation for asset recovery.
Bank of Valletta considers it part of its responsibility to promote awareness of financial crime risks. Through its Spot the Scam campaign, the Bank remains committed to sharing timely information and practical advice to help customers stay vigilant and better protected.
Customers who have been scammed, or suspect a scam, can call BOV on 21312020 or chat with BOV’s Virtual Assistant, BOVEY, available 24/7 on bov.com. For information and resources about scams and fraud, one may refer to www.spotthescam.mt
