Payment fraud in Cyprus reaches €3.7 million

The amount of funds involved in fraudulent payment transactions in Cyprus increased by 16% in the second half of 2025, reaching almost €3.7 million. At the same time, the number of fraudulent transactions fell by 5% to approximately 14,000 cases. The data was published by the Central Bank of Cyprus. Fraudulent bank transfer transactions accounted for the largest amount — around €2 million, or 56% of the total. A further €1.6 million, or 43%, was attributed to bank card transactions. However, card transactions led in terms of the number of cases — approximately 13,000, accounting for 93% of all reported cases.

Particularly high levels of fraud were recorded in online payments. They accounted for 96% of all fraudulent card transactions and 94% of their total value, although online payments generally account for around 30% of card transactions in Cyprus.

The average amount of a fraudulent bank transfer in Cyprus was €6,300. This is significantly higher than the euro area average of €1,800. In 70% of bank transfer fraud cases, account holders were deceived into transferring the money themselves to an account controlled by fraudsters.

The Central Bank also notes that fraud occurs more frequently in cross-border transactions. At the same time, the use of strong customer authentication significantly reduces the risks.

In the second half of 2025, the total value of fraudulent payment transactions in the euro area increased by 8% to reach €1.9 billion.