MFSA warns against VSB Malta, claiming a fraudulent license

ICO fraud

The Malta Financial Services Authority (“MFSA”) has issued a warning, stating that it has become aware of an entity calling itself “VSB Malta” and utilizing the website, which fraudulently claims to be regulated and licensed by the “Malta Financial Services Commission” to provide Banking, General Insurance, Investment and Fund Services Business.

The MFSA would like to alert the public, that VSB Malta is not a Maltese entity, it is not known to the MFSA and is not licensed or authorised by the MFSA to provide any type of financial service in or from Malta, including the provision of banking, insurance, investment or fund services. Consumers of financial services should therefore refrain from undertaking any business or transactions with the above-mentioned entity.

The VSB Malta website claim that “we are private bankers with more than 80 years’ experience, making us a global family bank.” However a quick check of Internet records indicates that the website was only created on October 3, 2017.

The MFSA would like 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.

A list of entities licensed by the MFSA is available from the MFSA and can be viewed on the official website of the MFSA.

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