Cyprus on High Alert as Banking Fraud Cases Surge

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Cyprus is facing a growing crisis of banking fraud, with over 50 reported incidents in recent months. The alarming rise in telephone and online scams has left many elderly individuals financially devastated.

Authorities Crack Down on Scammers Targeting Vulnerable Elderly Individuals

Law enforcement officials have made significant progress in combating these scams, apprehending three suspects just days ago and arresting another individual today. Although the mastermind behind the fraudulent activities remains at large, local accomplices involved in the criminal network have been captured and are currently under custody.

How Scammers Operate

According to Christos Andreou, spokesperson for the police:

• The fraudsters use international phone calls to target elderly individuals.
• They gain their trust by making false claims of winning substantial sums from investments or lotteries.
• Once trust is established, they persuade victims to grant access to their online banking accounts.

Disturbing Incident Highlights Vulnerability

In a disturbing incident last May:

• A 78-year-old woman was duped into granting access to her online banking account after being told she had won a large sum of money.
• Over the course of a month, seven transfers totaling €376,000 and three additional transactions worth €9,500 were initiated, all directed towards a cryptocurrency exchange.
• Fortunately, the bank managed to recover approximately €131,000, returning some of the lost funds to the victim.

Warning from Authorities

Andreou issued a stark warning to the public:

• Authorities are working tirelessly to crack down on these scams and advised individuals to exercise utmost caution when receiving unexpected calls or requests for personal or financial information.
• The public is urged to remain vigilant in light of an anticipated surge in similar fraud cases.