Persistent scams targeting professionals in Malta spark alarm in the business community.

Persistent scams targeting professionals in Malta spark alarm in the business community- cybergate your cyber security partner - main

Persistent scams targeting professionals in Malta spark alarm in the business community.

During the past few years the Maltese business community has been grappling with a growing concern over the prevalence of sophisticated scams targeting professionals in the country. These persistent fraudulent schemes have not only resulted in significant financial losses but have also eroded, to a certain extent, trust and confidence within the business landscape.

The Evolving Nature of Scams

According to the Malta Financial Services Authority (MFSA), scams in Malta have become increasingly complex and difficult to detect. Fraudsters have become more adept at personalising their scam emails and communications, making them appear more credible and trustworthy. These scams often take the form of email phishing attempts, where criminals masquerade as legitimate entities to acquire sensitive information such as login credentials and financial details.

Phishing scams are becoming increasingly sophisticated and a sharp increase in the number of hits is being experienced by the local business community. Black hat hackers have upped the level of their tactics by mimicking writing styles and email addresses, making it increasingly challenging to discern legitimate communication from fraudulent attempts.

Professionals in Malta are facing a new wave of highly sophisticated phishing scams that are designed to deceive even the most vigilant individuals.

The Elaborate Scam Unfolding

One alarming trend involves scammers impersonating employees from compromised companies, including MSPs, leveraging genuine email accounts and adopting the writing style of the individuals they are impersonating. This level of detail and personalisation has led to a surge in successful phishing attempts within Malta’s professional community.

The sophistication of these attacks is evident in the volume of emails sent to entities like the Malta Information Technology Agency (MITA), causing widespread repercussions. Industry voices, including the Chamber of SMEs, have raised alarm bells about the escalating threat posed by these advanced phishing schemes. Professionals like lawyers, notaries, and auditors are increasingly targeted, highlighting the need for a proactive approach to cybersecurity. The Chamber of SMEs CEO, Abigail Mamo, emphasises the evolving nature of cyberattacks and the imperative for businesses to enhance their cybersecurity measures.

Adapting to the Changing Landscape

As cybercriminals exploit human error and refine their strategies, the onus is on organisations and individuals to stay ahead of these threats. The rise of remote work during the COVID-19 pandemic months has further fueled cybercrime, underscoring the importance of robust cybersecurity protocols and awareness training.

The impact of these scams on Maltese professionals has been far-reaching. Many have fallen victim to these sophisticated schemes, resulting in substantial financial losses and reputational damage. In some cases, banks have been held partially liable for failing to adequately protect their clients from these fraudulent activities.

It is of utmost importance to increase vigilance and awareness among Maltese professionals. Cyber awareness training, held in class or via e-learning platforms, offer guidelines on how to spot and avoid scams, urging individuals to be wary of offers that seem too good to be true and to never share personal or financial information with unsolicited parties.

It is crucial for Maltese professionals to remain vigilant, educate themselves on the latest tactics, and work closely with authorities to combat this growing threat.

Being proactive at all times, helps maintain the trust and confidence that are essential for long-term success. Get in touch and discover how you can enhance your cyber security.

    We are here to help

    francesco mifsud cybergate your cyber security partner
    Francesco Mifsud
    [email protected]

    I live and breathe cyber security and everything else in the discipline. With around a decade of experience in the industry I have had the opportunity to develop skills in penetration testing, cloud security, reverse engineering & exploit development, application security engineering, management and organisation-wide cyber security strategy. I hold a well-rounded set of security certifications such as OSCP, eWPTX and CISSP and have delivered training & workshops at some of the most prestigious hacking conferences such as DEF CON, BRU CON, BSides London and BSides Manchester.