The Malta Chamber of Commerce and Bank of Valletta have teamed up to address the growing wave of fraud targeting Maltese businesses, launching a campaign to raise awareness and improve cyber resilience.

The two organisations hosted an information session titled Scam Watch: Be Aware. Be Ahead., aimed at equipping business leaders and employees with practical tools to detect and prevent scams such as Business Email Compromise (BEC) – also known as “man-in-the-middle” attacks.

In 2024 alone, BOV recorded 23 BEC cases totalling €1.5 million in stolen funds, with incidents rising sharply in 2025.

Malta Chamber CEO Dr Marthese Portelli said that one of the Chamber’s pre-budget proposals calls for targeted business support to build stronger cybersecurity frameworks -including tax credits, voucher schemes covering up to 80% of costs, and near zero-interest loans for cybersecurity infrastructure. She also suggested creating a dedicated national cyber incident response centre for businesses.

BOV CEO Kenneth Farrugia emphasised that scams are “a direct attack on trust” and that fighting fraud requires a unified effort among financial institutions, regulators, and businesses. “Building a strong, risk-awareness culture is just as important as investing in technology,” he said.

Ryan Caruana, BOV’s Group Chief AFC & MLRO, added that scams have evolved into a global industry, making prevention and education critical.

As a follow-up, BOV and The Malta Chamber will launch a podcast series featuring expert insights into how fraudsters target local businesses and the red flags every professional should recognise.