Cyprus police warn of bank detail substitution fraud

The Cyprus Police are warning citizens and companies about a common fraud scheme involving the substitution of invoice details.

As noted in the law enforcement statement, scammers contact companies posing as their suppliers or partners and ask to change bank details for future payments. As a result, all subsequent transfers are directed to the scammers' accounts.

Communication with victims can occur via telephone, email, letters, or other methods. The primary goal of the criminals is to convince company employees of the "official" nature of the request and discreetly redirect financial flows.

The police emphasize that it is critically important for businesses to implement strict procedures for verifying payment changes. It is recommended to train employees responsible for financial transactions to regularly verify the authenticity of requests, especially when it comes to changing suppliers' bank data.

It is also advised to use only verified communication channels with partners, not relying on contact details provided in suspicious emails, but referring to previously confirmed information. For large payments, additional verification of the recipient of funds must be introduced.

Company employees are encouraged to limit the publication of corporate information on social media to reduce the risk of targeted attacks.

The police specifically emphasize that any suspicious attempts to change payment details should be immediately reported to law enforcement — even if the transfer of funds has not yet been carried out.

Authorities urge businesses and individuals to exercise increased vigilance, as such schemes remain one of the most common types of financial fraud.