An investment services firm in Limassol recently fell victim to electronic fraud where the cybercriminals embezzled over $48,000. The incident occurred when an executive at the firm received a fraudulent request from a supposed company shareholder to transfer $48,250 to an electronic wallet. The executive complied, only to later discover during a call with the real shareholder that it was not a legitimate request. The Financial Crime Prosecution Office of the Limassol CID is currently investigating the incident. The Police have issued a public warning and provided preventive measures to avoid falling victim to similar frauds.
What happened to the investment services firm in Limassol due to electronic fraud?
An investment services firm in Limassol recently fell victim to electronic fraud where the cybercriminals embezzled over $48,000. The incident occurred when an executive at the firm received a fraudulent request from a supposed company shareholder to transfer $48,250 to an electronic wallet. The executive complied, only to later discover during a call with the real shareholder that it was not a legitimate request. The Financial Crime Prosecution Office of the Limassol CID is currently investigating the incident.
In recent news, an investment services firm located in the coastal city of Limassol has fallen victim to electronic fraud. The incident was reported by an executive of the company, who stated that the cybercriminals had successfully embezzled a sum exceeding $48,000.
An Unexpected Request Leads to Financial Loss
According to a report filed with the Limassol CID on October 28, 2023, the 40-year-old executive reported an odd exchange during an online conversation with a supposed company shareholder. The shareholder allegedly requested the executive to transfer a specific amount of $48,250 to a specified electronic wallet. Unaware of the fraudulent nature of the request, the executive complied with the request.
However, during a subsequent phone call with the real shareholder, it was discovered that the individual had never requested such a transfer. This revelation sparked an urgent investigation into the fraudulent activity.
The Ongoing Investigation
Currently, the Financial Crime Prosecution Office of the Limassol CID is diligently working on the case. As they delve into the details of this incident, their prime focus is to decipher the fraudulent chain of events and to bring the perpetrators to justice as soon as possible.
A Warning to the Public
In the wake of this incident, the Police have issued a public warning, urging everyone to exercise extreme caution when conducting online transactions and money transfers. They emphasize that every online transaction comes with its inherent risks.
Preventive Measures and Advice
The Police have issued advice to the public, especially company owners and directors, on how to prevent falling victim to such fraud. They suggest always verifying messages related to invoice payments or money transfers through direct phone communication with the senders before proceeding with any transaction. They also recommend using the phone numbers previously used for communication or the ones included in past transactions for this verification process.
Furthermore, they urge company leaders to educate their personnel about this specific form of fraud and to establish verification procedures for all received payment requests. This proactive approach can help prevent such unfortunate incidents in the future.
In simple words, an investment company in Limassol was tricked by cybercriminals who stole over $48,000 from them. The criminals sent a fake message to an executive at the company, pretending to be a shareholder and asking for money to be transferred to an electronic wallet. The executive did as they were asked, but later realized it was a scam when they spoke to the real shareholder. The police are now investigating the incident. They have also issued a warning to the public and given advice on how to avoid falling victim to similar frauds.
