Q1. What types of fraud are you seeing most often at the moment, both for individuals and businesses in Gibraltar?

As digital transactions and cross-border payments become more common, it’s increasingly important for individuals and businesses in Gibraltar to stay aware of potential fraud risks. While fraud is a global issue, Gibraltar’s position as an international financial hub makes it a specific target for increasingly sophisticated scams.

At the heart of all financial online fraud is a mechanism that tries to convince you to part with your money or financial information, and transferring funds abroad can make individuals and businesses more vulnerable to money transfer scams. Digital evolution has enabled criminals to become more sophisticated, which means it’s more important than ever to be alert to potential scams and how to avoid being defrauded when sending money overseas.

Authorised Push Payment (APP) Fraud is the biggest typology. This includes fraudsters impersonating bank officials or trusted contacts (such as suppliers) and convincing victims to transfer money to what they claim are secure accounts or diverting payments away from the genuine contact’s account to an alternative account. In these scenarios, the accounts are controlled by the scammers.

Another common tactic is CEO Fraud, also known as Business Email Compromise. Criminals impersonate senior executives (like CEOs or CFOs) to trick employees or known associates into making urgent payments or sharing sensitive information. This can be particularly damaging for businesses and is becoming more sophisticated through advancements in AI with the use of deepfake voice notes or video calls, which are intended to increase the level of trust placed in the communication.

Q2. Are there any common red flags that people should look out for when trying to spot a scam?

Yes, and being able to spot them early can really make a difference. Fraud can happen when you least expect it, and scammers are getting more sophisticated all the time. Whether you’re an individual or a business, it’s important to stay alert to things like unexpected requests for information, urgent payment demands, or strange login alerts. These are often signs that something isn’t quite right. Scammers rely on pressure, impersonation, and emotional manipulation to catch people off guard, so recognising those tactics quickly can help protect your money and your data.

One of the best ways to fight fraud is to follow a simple principle: set a basic standard of due diligence before sharing information or making payments. We encourage everyone—colleagues, clients, and partners alike—to remember three key words: Stop, Think, Question.

Stop, and take a moment before acting on any request. Fraudsters often try to rush you, creating a sense of urgency so you don’t have time to think things through. That pressure is part of the scam.

Think about what’s being asked. Does it feel genuine? Are there any red flags in the way the message is written, like spelling mistakes or a tone that feels off? Does the request match what you’d normally expect?

Question the source. Is the message coming from someone you know and trust? Have you double-checked using a phone number or email address you already have on file, not one provided in the message?

If something doesn’t feel right, it’s always better to stop, check, and report it. As you go through that process, think about the kinds of things that might raise a red flag.

Maybe the offer just feels too good to be true. Or you notice spelling mistakes or odd phrasing in the message. Sometimes there’s a sudden urgency that doesn’t quite make sense, or the person insists on only communicating by email and avoids phone calls. You might be asked to send money to a bank account you don’t recognise, or even to a third party who doesn’t seem connected to the transaction. The company might not have a website—or if they do, it’s not secure. There could be no reviews at all, or reviews that seem overly glowing and suspicious. The amount being requested might not match what you’ve paid before. And sometimes, it just comes down to a gut feeling that something isn’t right.

Trust your instinct. It’s often your best early warning sign.

At Moneycorp Bank, protecting the safety and integrity of our clients and partners’ funds is a top priority. That’s why we have a dedicated team of experienced professionals on hand to help with any concerns about suspicious or potentially fraudulent activity.

If you’re looking for practical tips on how to protect yourself online, take a look at the Security Zone on our website; it’s full of useful advice on spotting and avoiding scams.

As financial threats become more advanced, so do we. We’re proud to be part of a financial community that’s standing strong together in the fight against fraud.

Q3. How does Moneycorp help protect its clients from fraud, and what extra steps can people take to stay safe when managing their money?
At Moneycorp Bank, we’re committed to giving every client the best possible experience while keeping their funds safe. That’s why we’ve put several important protections in place to help our clients safeguard their account.

When you set up a new beneficiary, we may give you a quick call to confirm the details. If you’ve signed up for notifications, you might also receive a text or email letting you know a new recipient has been added. It’s a simple way to make sure everything is in order.

We also verify identities over the phone. Whether you’re calling us or we’re calling you, we’ll take steps to confirm it’s really you, so your account stays secure.

Our fraud detection systems work in real time. They’re designed to spot anything unusual and flag suspicious activity right away.

We also monitor where and how transactions are made. If something comes from a location or device we don’t recognise, we may block it or ask for extra confirmation.

Helping you stay informed is just as important. That’s why we regularly share tips and updates to raise awareness about fraud and how to avoid it.

We’ve also built strong security into everything we do. Two-factor authentication is part of both our online and offline services, adding an extra layer of protection.

And finally, we’re always careful about how we communicate. We’ll never ask for your PINs or passwords by phone, email, or text. If you ever get a request that feels urgent or unexpected, take a moment to double-check it, especially if it involves sending money.

Q4. If someone thinks they might have been targeted by fraud, what should they do straight away?

If a client finds themselves in a situation where sensitive data has been compromised, or a payment has been made to a non-genuine recipient, we understand how serious that can be. The impact isn’t just financial. It can also affect someone’s reputation and their trust in dealing with legitimate organisations in the future. For individuals and smaller businesses, it can also take a mental toll. That’s why it’s so important to know what steps to take right away.

The first thing to do is contact the financial institution involved. This is crucial to try to stop or reverse any suspicious transactions. Always use the official contact number from your bank’s website or your bank card. Avoid using any number provided by the suspected fraudster.

Next, report the incident to the authorities. It’s important that the right people are made aware so they can investigate and help prevent others from being targeted.

Then, secure your devices. Run antivirus and anti-malware scans, and make sure your operating systems and apps are fully up to date. This helps close any security gaps that could be exploited again.

You should also change all your passwords, starting with your email accounts, financial services, social media, and online shopping accounts. A password manager can be a great tool to help you create and store strong, unique passwords for each one.

Don’t forget to secure your bank accounts too. Change your online banking passwords immediately and turn on two-factor authentication if it’s not already enabled.

Finally, take some time to reflect on how the fraud happened. Understanding what went wrong can help you avoid similar situations in the future. And if you feel comfortable, consider sharing your experience with friends, family, or colleagues. It can raise awareness and help protect others from falling into the same trap.

Q5. Why is it so important for banks, regulators, and the community to work together when it comes to fighting fraud in Gibraltar?

Gibraltar is a well-established international finance centre, known for its strong regulatory framework and close-knit community. That combination brings both strengths and unique challenges when it comes to tackling fraud. The most effective way to stay ahead of financial crime is through collaboration. When banks, regulators, and the public work together, we’re much better equipped to detect, prevent, and respond to threats.

From authorised push payment scams to impersonation attempts using AI, Gibraltar is facing many of the same challenges seen in financial centres around the world. These tactics are constantly evolving, but so are the tools and partnerships designed to stop them. Initiatives like Safeguard Gibraltar, which brings together public and private sector efforts, play a vital role in raising awareness and helping individuals and businesses stay informed and resilient.

But awareness alone isn’t enough. Fraudsters are quick to exploit any gaps—between institutions, across jurisdictions, or even within departments. That’s why collaboration is so important.

Take real-time information sharing, for example. When a bank spots suspicious activity, regulators need to know immediately. Law enforcement also needs to be able to act quickly. Fast communication can make all the difference, helping to prevent losses and, in some cases, even saving lives.

There’s also real strength in unified defences. Each group brings something valuable. Banks have access to transaction data and fraud detection tools. Regulators see the broader landscape, including systemic risks and compliance gaps. And the community provides real-world context and early warning signs. When these perspectives come together, we can build smarter systems and close the loopholes criminals try to exploit.

Public awareness depends on trust. When people trust their banks and regulators, they’re more likely to report suspicious activity. Campaigns like Safeguard Gibraltar are most effective when everyone is involved, ensuring the message is consistent, credible, and widely shared.

The legal framework matters too. As fraud tactics evolve, our laws and guidance need to keep pace. Regulators rely on input from banks and the public to ensure compliance efforts are forward-looking, not just reactive.

And of course, Gibraltar’s reputation is on the line. As an international finance centre, its credibility depends on how well it protects clients and investors. Cross-border fraud doesn’t just harm individuals—it can damage the jurisdiction’s standing. A collaborative approach helps Gibraltar remain strong, secure, and trusted.

At Moneycorp Bank, we believe that protecting against fraud is a shared responsibility. It goes beyond financial institutions and includes businesses, individuals, and the wider community. As a proud member of the Gibraltar Bankers’ Association, we’re committed to working alongside our peers to uphold the highest standards of security and integrity.

By working together, Gibraltar can continue to help build a resilient financial environment, one based on trust, transparency, and collaboration. In today’s connected world, our strongest defence is connection itself.