The Malta Financial Services Authority (MFSA) has warned the public against dealing with Lampuki.com and Karozza.com, saying the two entities are not licensed to provide insurance services in Malta and appear to be schemes of a "dubious nature" carrying a high risk of financial loss.

In a statement on Monday, the MFSA said it had become aware of the two entities, which have an online presence and claim to offer insurance services in collaboration with licensed entities.

The authority stressed that neither Lampuki.com nor Karozza.com are Maltese-registered companies and that neither is licensed or otherwise authorised by the MFSA to provide insurance or other financial services requiring authorisation under Maltese law.

"Furthermore, information available to the MFSA suggests that Lampuki.com and Karozza.com are likely to be schemes of dubious nature with a high risk of loss of money," the statement said.

The MFSA therefore urged the public to refrain from entering into transactions or otherwise dealing with either entity on matters falling within the parameters of the Insurance Business Act.

The authority also reminded consumers not to enter into financial services transactions before verifying that the entity they are dealing with is authorised by the MFSA or another reputable financial services regulator.

Consumers should be particularly cautious when approached with offers of financial services through unconventional channels, including telephone calls and social media, it said.

The MFSA maintains a register of licensed entities through its Financial Services Register.

Anyone who believes they have fallen victim to a scam or may be dealing with an unauthorised entity should immediately stop all transactions with the entity and contact the MFSA as soon as suspicions arise, the authority said.