MFSA warns of unauthorised 'financial assistance' Facebook page

The Facebook page provides a contact number and an email address but no physical address

Assistenza Finanzjarja's Facebook page
Assistenza Finanzjarja's Facebook page

The Malta Financial Services Authority has warned of a dubious Facebook page promising financial assistance.

"The Facebook page entitled 'Assistenza Finanzjarja' (financial assistance) is not a Maltese registered company nor licensed or otherwise authorised by the MFSA to provide any financial, investment or any other financial services which are required to be licensed or otherwise authorised under Maltese law," MFSA said in a statement on Thursday.

The Facebook page has as yet zero likes and no reviews. It purports to "provide financial and investment services for short and long term projects." It doesn't provide a physical address, although it lists an email address and a contact number.

"Information available to the MFSA suggests that Assistenza Finanzjarja is likely to be a scheme of dubious nature with a high risk of loss of money. The public should therefore refrain from undertaking any business or transactions with the entity," the MFSA said.

In the statement, the authority took it upon itself to remind consumers of financial services not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services regulator.

"Investors should also be extra cautious when being approached with offers of financial services via unconventional channels such as telephone calls or social media," MFSA said.

A list of entities licensed by the MFSA can be viewed on their official website.

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