Bank of Valletta has stopped €1.6 million in fraudulent transfers from leaving the bank thanks to its newly deployed pre-transaction monitoring system, which scans outgoing payments in real time to identify suspicious activity before funds leave customer accounts.

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Chief Executive Officer Kenneth Farrugia said the successful interception shows the impact of the bank’s increased investment in artificial intelligence, data analytics, and cybersecurity.

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“Criminal methods are becoming more sophisticated, and our response must always stay a step ahead,” Farrugia said. “This new system demonstrates the value of investing in technology that doesn’t just detect fraud but prevents it before any damage is done.”

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The pre-transaction system is part of a multi-year digital transformation programme aimed at strengthening BOV’s security architecture and enhancing customer trust. It complements a suite of AI-driven tools that monitor transaction patterns, detect anomalies, and trigger preventive action across the bank’s operations.

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Farrugia said BOV is also investing heavily in cyber resilience, with advanced threat detection, secure data management, and real-time monitoring across all digital channels. He noted that the bank’s approach focuses not only on protecting assets but also on ensuring seamless and secure customer services.

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“Our strategy is twofold: to safeguard our clients and to build the capabilities that make the bank more resilient to evolving cyber threats,” he said. “AI and data are at the heart of this effort, helping us predict and neutralise risks before they materialise.”

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As part of its wider technology programme, BOV has also upgraded its ATM network, introduced contactless-enabled machines, and rolled out enhanced monitoring on its digital platforms. The focus, Farrugia said, is on creating a secure, fully modernised banking environment that can anticipate risks in a fast-changing global threat landscape.

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“Cybersecurity is now as central to banking as our traditional core services,” he said. “The fact that €1.6 million in attempted fraud never left the bank is the clearest sign yet that our investments are protecting both our customers and our balance sheet.”

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