Philenews

Millions Lost to Fraud, System on Alert

Published February 23, 2026, 09:13
Millions Lost to Fraud, System on Alert

In just six months, fraud in Cyprus has increased by 30% in the number of incidents and by 66% in value, reaching almost 4 million euros. Cards are the main means of fraud, while credit transfers cause the largest financial losses. 97% of card fraud occurs online, while in credit transfers, persuading the victims plays a crucial role. Despite stricter security systems, human naivety remains the most important factor facilitating fraud.