Online scams are causing billions in losses each year, with fraudsters luring victims through promises of quick profits, romantic schemes, and even fake security threats. The surge in internet-based fraud this year is unprecedented, with cybercriminals using anonymous messages to either promise cryptocurrency investment returns or falsely warn that victims’ bank accounts have been blocked.
Reported cases are rising rapidly, with police receiving over 2,000 complaints annually. The familiar “Nigerian prince” scam has evolved, with fraudsters now using artificial intelligence to adopt new tactics, posing as military officers to lure older women with promises of romance. Other schemes involve fake police warnings, alleging criminal investigations, or claiming packages have been blocked.
Cases of child exploitation are also on the rise, with seemingly innocent friend requests on social media being used to deceive unsuspecting users.
Andreas Anastasiadis, head of the Cybercrime Division, highlighted the increasing number of cryptocurrency scams in an interview. “Many people, eager for quick gains, trust dubious websites and invest large sums of money,” he warned. From mid-August to late September 2024, around 15 serious cases of cryptocurrency fraud were investigated, resulting in losses exceeding €700,000. Fraudsters lure victims with small profits early on, convincing them to invest more, leading to significant financial losses.
Anastasiadis advised caution, emphasizing the importance of using recognized investment companies. “It’s essential for the public to ensure they know where their money is going to avoid substantial losses,” he added.
Surge in Romance and Sextortion Scams Targets Vulnerable Internet Users
Authorities have warned of a sharp rise in online scams over the past few months, with romance fraud becoming increasingly common. Scammers, often posing as military officers, captains, or pilots, target mostly older women, promising them marriage through online relationships. These fraudsters gain their victims’ trust and then request money, claiming it is needed for travel expenses to meet them in Cyprus. Many such cases have been reported recently, with police urging the public not to trust strangers online and to avoid sending money based on empty promises.
Another prevalent form of online crime is sextortion. Scammers, pretending to be women, initiate conversations with men in Cyprus, often using artificial intelligence tools. They lure victims into engaging in sexual video calls, record the interactions, and then abruptly cut communication. The scammers later return to blackmail the victims, threatening to share the videos with family members, and friends, or online unless a ransom is paid. Many victims, fearing embarrassment, end up paying the demanded sum.
Anastasiadis noted a significant increase in these types of crimes. He stressed the importance of caution when engaging in online conversations and advised against using video calls with individuals who are not well-known or trusted. Additionally, phishing scams remain a frequent threat. Fraudsters impersonate authorities, such as banks or the police, sending emails or SMS messages that claim there is an issue with the recipient’s account or that they are involved in a child pornography investigation, demanding payment of fines. In other cases, they ask for bank account verification details under the pretext of resolving a transaction issue. These scammers often use official logos from organisations like the police or Europol to make their messages appear legitimate.
Anastasiadis reiterated that neither the police nor banks would send such messages and urged recipients to ignore or delete any suspicious communication without opening it. He warned that providing account information through these fraudulent links grants scammers full access to the account.
To assist the public, the police have set up a dedicated website, www.cyberalert.cy, where citizens can find information on ongoing investigations and report incidents. Each year, around 2,000 complaints related to online scams are submitted through this platform.
Decline in Cyberattacks Reported by Police
A significant decrease in cyberattacks has been observed in recent months, following a wave of incidents targeting institutions such as the Open University of Cyprus, the University of Cyprus, and the Land Registry Office. According to data from the Cybercrime Unit of the Police, the situation has improved markedly after a difficult start to the year, which saw multiple high-profile breaches.
The head of the Cybercrime Division highlighted that the sharp drop in hacker activity is largely due to swift action taken by the police in collaboration with other agencies. These coordinated efforts successfully halted the leak of sensitive files, while authorities consistently refused to meet the demands of hackers operating on the dark web. This firm stance has contributed to the recent decline in attacks.
