Cybercrime in Finance: Cyprus Police and Justice System on High Alert against Online Swindlers
In the age of digital reliance, the internet has become a breeding ground for nefarious activities. According to Interpol, since the pandemic, cybercrimes have intensified, targeting individuals and businesses worldwide. Cyprus, in particular, is confronting a rising concern in financial cybercrime. The authoritiesare taking determined actions to prevent and combat these crimes.
The New Era of Online Swindlers
Internet fraud continues to be a significant concern, with cybercriminals employing various means to target victims through online services. According to recent statistics, these scams accounts for millions of dollars in lost funds in 2020, a figure expected to surge as internet usage expands and criminals become more cunning. Common types of financial cybercrime include:
- Phishing
- Impersonation
- Credit card and identification theft
- Hacking attempts
Cyprus’ Commitment to Combating Cybercrime
The Cyprus Ministry of Justice and Public Order, in collaboration with the Cyprus Police, is resolute in combating cybercrime. A dedicated cybercrime subdivision, known as the Office for Combating Cybercrime (OCC), within the police force investigates crimes occuring via the internet or computers. The OCC’s mandate includes collaborating with international organizations:
- Europol
- Interpol
- ENISA
- European Commission
Legislation Against Cybercrime in Cyprus
Cyprus boasts a robust legislative framework against cybercrime. The primary legislations include:
- Law 22(III)/2004, ratifying the Budapest Convention on Cybercrime
- Law 147(I)/2015, implementing the EU Directive on attacks against information systems
Additional legislations complement these, including:
- Law 183(I)/2007 on retaining telecommunication data
- Law 112(I)/2004 regulating electronic communication
The Role of the Courts in Cybercrime Cases
The District and Limassol Courts in Cyprus have shown adaptability to the evolving landscape of cybercrime. As online fraud cases surge, these courts take measures to ensure justice is served:
- Freezing orders to halt the dispersal of illicit funds
- Inter partes Norwich Pharmacal relief
- Alternative service via Facebook Messenger
In the era of cybercrime, both the Cyprus authorities and courts are determined to tackle these issues head-on. However, cybercriminals show no signs of relenting, making it an ongoing battle.
Contact:
[Name] Partner, Elias Neocleous & Co E: [email@email.com]