Cyprus Warns of Rising Online Fraud Scams
Surge in Online Frauds Results in Significant Financial Losses
The Cyprus police are urging citizens to be vigilant against a surge in online fraud scams, which have resulted in significant financial losses for victims. In recent months, the authorities have received numerous complaints from individuals who have fallen victim to various types of online fraud.
Types of Online Frauds on the Rise
- Credit card theft
- Phishing
- Advance fee schemes
Fraudsters are using sophisticated methods to steal personal information and use it to create fake bank cards. These cards are then used to withdraw cash from ATMs in third countries or sold on the black market.
Case Study: Inheritance Scam
In one case, a Cypriot was tricked into transferring large sums of money to Latvia after being contacted by fraudulent individuals who claimed to have inherited a fortune. The victim only discovered the scam when authorities tracked down the fake heir, who turned out to be homeless and had used stolen personal information to carry out the fraud.
Romance Scams: Another Common Type of Online Fraud
Romance scams involve crooks posing as potential partners on dating websites and convincing victims to send them money or transfer funds to their accounts. To protect yourself from falling victim to these scams, exercise extreme caution when using credit cards online, keep your PIN numbers confidential, and verify the authenticity of any investment opportunities before committing to them.
Expert Advice
- “We urge everyone to be vigilant and not to let greed get the better of them,” said a police spokesperson. “If something appears too good to be true, it probably is.”
- Investments carry risks, and anyone offering unusually high returns or promising risk-free investments should be approached with suspicion.
- Keep your personal information confidential and report any suspicious activity to the authorities immediately.
How to Protect Yourself
For more information on how to protect yourself from online fraud scams, visit the Cyprus Securities and Exchange Commission website at http://www.cysec.gov.cy.