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MFSA Warning - Mr Andrew Yaku on Scam Emails

1 Apr 2020 12:00 | Anonymous
The Malta Financial Services Authority (“MFSA” or “the Authority”) has become aware of emails, which appear to be scam emails, targeting persons in Malta. An individual, going by the name of Mr Andrew Yaku and claiming to work in the financial services industry outside of Malta, is contacting prospective clients via email stating to represent a high profile client "who has some funds he wants to invest outside his home country. There is need to move the funds out from the present location through bank using an individual who can invest it in a lucrative business venture."
The MFSA wishes to caution the public against replying to such emails and to refrain from providing personal details as information available to the MFSA suggests that these emails are likely to be a scheme of dubious nature with a high risk of loss of money. Furthermore, the public should therefore refrain from undertaking any business or transactions with the above-mentioned individual. The MFSA strongly advises investors and consumers of financial services that prior to making any investment or entering into any financial services transaction they should make sure that the entity with whom the investment or transaction is being made is authorised to provide such services by the MFSA or another financial services regulatory authority as applicable.
For more information on scam emails please refer to the Scam Detection Guidelines issued by the MFSA. If you are a victim of any type of financial scam or think you might be dealing with an unauthorised entity, first of all stop all transactions with the company and contact the Authority as soon as a suspicion arises.


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