A company based in Limassol has fallen victim to an email fraud scheme, losing more than €65,000 after being misled by messages impersonating a partner business.
According to Police, a representative of the company reported to the Limassol CID on Monday that the incident began on March 2, when the firm received an email appearing to be from a partner company requesting payment of invoices totalling €65,709.
Shortly afterwards, a second email instructed that the payment be transferred to a new bank account, with the relevant details included in the message. Acting on these instructions, the company proceeded with the transfer on March 5.
The fraud came to light on March 19, when a further request for payment raised suspicions. Subsequent checks revealed that unknown individuals had interfered with the email correspondence between the two companies, gaining access and sending fraudulent messages.
Investigations confirmed that the earlier instruction to change bank account details had also been sent by the perpetrators, and that the transferred funds had been deposited into an account under their control.
The Limassol CID’s Financial Crime Investigation Unit is examining the case.
Police warning to businesses
Following the incident, Police are urging both businesses and individuals to verify any payment requests received via email, particularly where changes to bank details are involved. Company owners and managers are also advised to brief staff on such fraud methods and to implement strict verification procedures before processing payments.