Politics · Cyprus

Company loses €23,000 in email fraud case

4 sourcesFirst reported 1 month agoUpdated 1 month ago

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A company paid over €23,000 to fraudsters posing as a supplier.
The scam was reported to the police in Nicosia by a company employee.
A modified invoice was sent via email on May 5, leading to the payment.
The police advise verifying emails before proceeding with payments.
Business owners are urged to inform staff about this type of fraud.

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A company in Nicosia has fallen victim to a significant online fraud incident, losing over €23,000 due to a phishing scheme. The perpetrators sent a fake email impersonating a supplier, leading the company to unknowingly process a payment for an invoice that was not legitimate.

The case is currently being investigated by local police as part of a broader effort to combat such fraudulent activities, which have become increasingly common. Reports indicate that the scammers successfully deceived the company into believing they were fulfilling a legitimate payment obligation to a supplier. The incident has raised concerns regarding the adequacy of internal controls and employee training related to recognition of fraudulent communications and invoices.

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Company loses €23,000 in email fraud case

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