Bank of Valletta is urging its customers to be vigilant and alert, to spot the various scams currently being circulated locally. Scams are fraudulent activities designed to trick individuals into giving out sensitive financial information such as bank account numbers, passwords, and card details. At times, these scams even encourage customers to carry out fraudulent financial transactions.

Some scams typically involve sending fake text messages (SMSs) that seem to originate from a legitimate financial institution. These messages usually contain links leading to a fake website, where victims are prompted to give out sensitive information. Once such information is given out, the fraudsters will have access to account details and passwords and then be able to conduct fraudulent transactions from customer's accounts.

One of the tricks that fraudsters use is to inform victims that their card or phone is blocked for security reasons and invite them to click on a link leading to a fake website. Other scams are carried out over the phone, by fraudsters disguised as genuine employees. These scams can result in financial losses and can also lead to identity theft and other forms of fraud.

So how can one spot such scams? Firstly, it is important to stress that Bank of Valletta does not send SMSs containing links to websites. Any phone calls made by BOV employees will not ask for specific account or card numbers in full, card CVV details (the three digits at the back of the card), card PINS, internet or mobile banking passwords, codes, signatures, one-time passwords, or multi-factor authentication. Bank employees will never ask customers to divulge information that leads them to conduct financial transactions over the phone.

The Bank has a Card Fraud Management Team that monitors suspicious transactions on card activity round the clock, contacting customers whenever necessary to verify transactions occurring on their accounts and take remedial action when the customer does not recognise transactions. In support of this, the Bank invested in the latest state-of-the-art technology that monitors card transactions in real time, thereby helping to identify and stop suspicious transactions as they occur.

Bank of Valletta has just launched a Spot the Scam campaign. In the coming weeks we will be sharing useful tips and tricks to recognise and avoid fraudulent activities such as spoofing, phishing emails, fake phone calls and identity theft. One can follow our Spot the Scam campaign on the Bank's Facebook, Instagram, Twitter, and LinkedIn channels. This is all part of the Bank's efforts in safeguarding customer's interests and helping them always remain secure.

The Bank urges customers to always be vigilant and cautious, especially as these types of scams are becoming more sophisticated. Customers are urged not to trust any sites that are not official and think twice before clicking on links or giving out information. When in doubt customers can contact the Bank on 2131 2020 immediately so that the right action can be taken.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.