The Malta Financial Services Authority said yesterday it has received a number of reports about unsolicited phone calls, SMSs or correspondence by e-mail and post about bogus investment opportunities and lottery winnings.

These are typically derived from overseas-based fraudsters who target consumers, offering to sell them what often turn out to be worthless or high-risk shares or to participate in bogus lotteries.

These can be very persistent and extremely persuasive and even send documents via a courier service in order to be signed, the regulator said.

The MFSA has advised the public to be very wary and exercise vigilance and appropriate caution in respect of any unsolicited phone calls or correspondence offering shares at a discount or offers of lottery winnings.

It is also asking financial entities that provide money transmission services, either through their offices or through third party outlets, to be aware of these scams and to actively encourage consumers to verify whether the transaction they are about to undertake appears to be a legitimate one or not before sending any money.

One may also verify whether an entity is licensed to provide financial services in Malta by visiting www.mfsa.com.mt.

Those wishing to obtain additional information are invited to contact the MFSA's Consumer Complaints Unit on 8007 4924 or at consumerinfo@mfs.com.mt.