GFSC urges public to ‘stop and think before acting’ amid rise in cyber fraud

The Gibraltar Financial Services Commission is holding its 10th anniversary World Investor Week campaign this week in a bid to reduce financial crime and promote public awareness, highlighting how police reports of cyber fraud have risen by 14% over three years.

According to RGP data provided to the GFSC, cyber-related fraud marked 78% of all fraud reported so far in 2026, an increase from 64% in 2023.

The focus of this year’s World Investor Week campaign is digital deception and GFSC Change and Delivery Specialist Yael Williamson explained how scammers use techniques that are increasingly sophisticated, convincing and realistic.

This year the GFSC is collaborating with the Gibraltar Financial Intelligence Unit to hold joint presentations to students at local comprehensive schools and the University of Gibraltar, where they will be reinforcing the message to “stop and think before acting”.

Some five presentations will be delivered to Year 13 students and university students with advice on scams this week.

Ms Williamson pointed various types of scams, but focused on deception scams such as AI deep fakes which can be used to mimic the faces of friends and family, often targeting individuals at vulnerable moments or when they're less likely to be as vigilant.

These cybercriminals tend to exploit busy periods such as Black Friday or the lead up the Christmas.

“The key message that we want to deliver with this campaign is simple, it's stop and think before acting,” she said.

“Scammers, they often create a sense of urgency to pressure individuals to making decisions without taking the time to verify information.”

She added that people should check where the information has come from, question the person calling or the message, and be suspicious of urgency.

According to Ms Williamson, research shows that young adults are predominantly the demographic that is actively targeted by fraudsters purely because they are most likely to be online.

She described how young adults are more likely to use online shopping platforms and are on social media more often and have a greater digital footprint.

“They're exposing themselves to digital deception and cyber attacks rather than the traditional forms of fraud and scams,” she said.

For example a cyber attack on an e-commerce site, she said, could lead to customers personal data being shared, which in turn presents fraudsters with opportunities for future impersonation attacks such as phishing emails and fraudulent phone calls.

“Deep fakes are being used to mimic highly regarded and influential individuals presenting fake investment advice, fake investment opportunities, enticing individuals with easy and quick money schemes, which are very attractive, especially for young individuals who maybe are just starting to invest,” she said.

“At the end of the day, AI is making investment scams easier because communications are now a lot more sophisticated.”

She added that when it comes to investing AI tools, including robot advisors and algorithmic platforms can support investment decisions, but they shouldn't be a substitute for independent research and sound judgement.

“AI tools might generate responses that appear authoritative, but have factual errors,” she said.

“It's important for individuals to assess these recommendations that are being generated by AI and independently verify that that information is correct or is suitable for their lifestyle, really.”