Regulator issues warning against Facebook ‘loans’

The Malta Financial Services Authority (MFSA) has become aware of a number of posts on Facebook that contain offers of loans to the public in Malta of between €1,000 and €500,000 at an annual interest rate of 3%.

These posts are being posted by unknown persons under the Facebook profile names ‘Marina Zidane’ and ‘Exaucer Doremos’ on a number of Facebook Groups related to local events.

“The MFSA wishes to alert the public, in Malta and abroad, that the persons behind the above-mentioned Facebook posts are not licenced by the MFSA to provide any type of financial service including loan facilities. Additionally, these posts may potentially be fraudulent in nature and aimed at defrauding unsuspecting persons,” the regulator said.

The MFSA warns the public against contacting, entering into any transactions or otherwise dealing with the persons above-mentioned.

“The MFSA would like to remind the public not to obtain any financial services, including any loan facilities from any person or firm unless they have ascertained that such person or firm holds a licence or is otherwise authorised to provide such services by the MFSA or another reputable financial services regulator.”

A list of entities licensed by the MFSA is available from the Malta Financial Services Authority, and can be viewed on the MFSA website at www.mfsa.com.mt.