Cyprus company scammed of over €642,000 in online fraud

A Greek Cypriot company lost more than €642,000 after falling victim to a sophisticated email scam. 

The incident, which is now under investigation by Limassol’s criminal investigation department, has raised concerns about the growing threat of cyber fraud targeting businesses.

According to Greek Cypriot police this week, the company reported the case after discovering that it had made payments to a fraudulent bank account. 

The scam began in April when the company received an email that appeared to be from a trusted business partner. The email claimed that the bank account details for an outstanding invoice had changed, instructing the company to transfer the payment to a new account located in another European country.

Believing the message was legitimate, the company proceeded with the payment, transferring €642,658 to the new account. However, after confirming the details with their partner, it was revealed that the account was not theirs, and the money had been stolen by the fraudsters.

The Limassol economic crime investigation office is currently looking into the case, and authorities have issued a warning to businesses about the risks of such scams. The police advise that, before making any payments, companies should verify the legitimacy of such messages by contacting their partners directly via phone. It is essential to use trusted phone numbers, either from previous communications or those provided in earlier transactions.

Business owners and managers are urged to inform their employees about this type of fraud and implement strict verification procedures for payment requests. The police also recommend checking the authenticity of any communication, especially when financial transactions are involved.