Cyprus reports record-high average fraud values in credit transfers

A recent report by the Central Bank of Cyprus regarding the second half of 2025 highlights a critical trend in financial fraud, where the average value of a fraudulent credit transfer in Cyprus reached €6,300, significantly higher than the eurozone average of €1,800. This disparity indicates that even a limited number of incidents can result in substantial economic losses, with credit transfers accounting for 56% of the total fraud value, amounting to approximately €2 million.

While card payments dominate in volume—representing 13,000 out of 14,000 total incidents or 93% of the count—their total value is lower at €1.6 million. Consumers and businesses continue to bear approximately 95% of the total losses. The primary method used by perpetrators is the manipulation of the payer, where victims are deceived into sending funds to accounts controlled by fraudsters, a tactic behind 70% of credit transfer fraud cases.

In response to the growing threat of digital and cross-border payment fraud, both the Central Bank, the Association of Cyprus Banks, and the Police have urged the public to exercise heightened caution. Authorities continue to monitor these trends as digital payment methods become increasingly targeted by criminal elements.