Issue link: https://maltatoday.uberflip.com/i/1546491
A scam is rarely built on a sin- gle trick or a single lie. More often, it develops gradually, as someone is persuaded to trust the wrong person, opportunity or offer. It can start in ways that feel entirely ordinary, such as an investment opportunity seen on social media, an invitation to join a group on a messaging app, a phone call, or even the start of a relationship. At the beginning, everything looks normal and appears legit- imate. The person behind the scheme often takes their time to build trust and establish a sense of familiarity by means of regu- lar contact and updates, togeth- er with reassurance that makes the interaction feel wholly cred- ible and genuine. By the time money is first transferred, many people feel like they are making a logical and informed decision. What is often less obvious is what hap- pens after the first payment. In many cases, the situation continues to develop even fur- ther. Scammers claim that the profits are close to being re- leased, funds are on their way, or that one more formality is required such that the process can be completed. This 'formal- ity' often involves sending over more money starting with small amounts at first, then escalating to larger amounts over time. Even when something doesn't feel quite right, stepping away is not always straightforward, or easy. Trust plays a big role. Once a connection has been established, it becomes hard- er to accept that it may not be real, and ending the interaction can feel like walking away from something that seems genuine and worthwhile. Stopping can also feel like fac- ing the possibility of financial loss. Continuing, on the other hand, can create a sense that there is still a chance to recov- er what has already been paid. This is where hope becomes a powerful influence, especially when scammers provide just enough reassurance to keep things going and encourage fur- ther payments. In a number of reported cases, individuals who have been tar- geted by fraudsters do not stop after the initial financial loss. Convinced that the situation is genuine, they may contin- ue to send money to the same scammer. Even when concerns begin to emerge, or when fam- ily members, friends, or profes- sionals suggest that they may be dealing with a scam, some vic- tims remain convinced that the situation is legitimate. As a result, they can become vulnerable to further losses and repeated exploitation. This aspect of fraud is often misun- derstood, yet it highlights the powerful psychological and emotional factors that can in- fluence decision-making and make it difficult for individuals to recognise and accept that they have indeed been deceived. Another factor that is often overlooked is shame. Many find it difficult to admit, even to themselves, that something might be wrong. This can make it harder to step back or to speak to someone to share their con- cerns and seek advice. Instead of stopping, some continue with the arrangement, hoping the situation will be resolved before they have to explain it to any- one. Unfortunately, and too of- ten, this silence leads to further financial losses and emotional distress. Awareness of scams in Malta has grown considerably thanks to the efforts of public author- ities, financial institutions, the media, and consumer protec- tion organisations. However, fraudsters continue to adapt their methods, by exploit- ing new technologies, current events, and human feelings to create increasingly sophisti- cated scams. This means that awareness is not a destination that can be fully reached, but an ongoing process of learning and constant vigilance. While recognising the warning signs of a scam is an important first step, acting on them is just as critical. If a bank raises con- cerns about a transaction, or if a friend, family member, or professional expresses doubts about a situation, it is worth pausing to reflect before pro- ceeding. External perspectives can pro- vide valuable clarity, particularly when an individual has become emotionally invested in what appears to be a genuine oppor- tunity or relationship. In many cases, listening to and carefully considering these warnings can help prevent further financial and emotional harm. The MFSA works towards in- creasing scam awareness: by highlighting how scams devel- op over time, how trust is built, how decisions are influenced, and why it can be difficult to stop once money has already changed hands. Looking closely at real-life situations helps ex- plain why some scams continue even in the face of doubt and warnings. Scams today are increasingly sophisticated and are designed to adapt. They can impact any- one - irrespective of age, gender, or background. Behind many of these scams are organised groups whose sole focus is to catch people off-guard. They operate without ethical or geo- graphic boundaries, often tar- geting many individuals at the same time. They will use what- ever approach works, and do not care who the victim is. If you or someone you know find yourselves in a situation like this, speaking to someone early can make a real difference. This could be your bank, a li- censed financial advisor, a trust- ed family member, or an organ- isation that supports victims of crime. The MFSA website, as well as www.scamalert.mt both offer clear and reliable informa- tion on how scams work, what to look out for, and how to re- port a scam. Above all, know this: you are not alone. Many people from all walks of life have gone through similar experiences, even if they do not always talk about them. There is confidential and pro- fessional support available and reaching out is an incredibly important step towards pro- tecting yourself and preventing further harm. In the end, the key question is not always how the scam start- ed, but why it continued. Of- ten, it is the result of a gradual process: one decision after an- other, one more message, one additional promise, one more payment. And sometimes, that one more payment can cost everything. 4 maltatoday | SUNDAY • 6 SEPTEMBER 2026 OPINION Sarah Pulis When a scam doesn't end: One more payment can cost everything Head of Conduct Supervision at the MFSA and Financial Literacy Ambassador