Police investigating new case of online fraud

fraud online fraud

A Limassol-based company fell victim to an online fraud scheme where fraudsters manipulated invoices, causing the company to lose over €45,000. The police are currently investigating the incident and advising businesses to verify payment details and educate their staff on fraud prevention measures.

What occurred in the recent online fraud case involving a Limassol-based company?

A Limassol-based company was defrauded of over €45,000 through invoice manipulation. Unknown fraudsters intercepted communication with an overseas supplier and directed the payment to a fraudulent bank account. The police are investigating, and emphasize the importance of verifying payment details and educating staff on fraud prevention.

Incident Overview

A recent online fraud incident has come to light involving a company based in Limassol. This case revolves around a deceptive scheme targeting the company’s financial transactions through invoice manipulation.

The Fraudulent Act Uncovered

The Limassol-based company was in the process of acquiring a machine from an overseas supplier. During their electronic correspondence, an unauthorized interception by unknown individuals occurred. The malefactors cunningly inserted themselves into the communication stream, posing as the legitimate supplier.

On the 16th of November, 2023, the director of the purchasing company received an email. This message, seemingly from the supplier, directed the advance payment for the machine into a particular foreign bank account.

Acting upon the instructions provided in the email, the company transferred an amount exceeding €45,000 to the bank account specified on the very next day, November 17, 2023. The stark realization of the fraud dawned upon them after subsequent communication with the actual supplier company revealed that they had never requested such a transaction and the bank account did not belong to them.

Police Response and Ongoing Investigation

The case was promptly reported to the Limassol Police Department by the distressed company director. The Economic Crime Investigation Office is currently delving into the specifics of the fraudulent activity, working to trace the culprits behind this cyber deception.

Precautionary Measures and Advice

In the wake of this incident, authorities are issuing a cautionary reminder about the inherent risks associated with online financial dealings. Police stress the importance of exercising due diligence with every online transaction.

Verification Is Key

A crucial piece of advice shared is the verification of any payment-related messages. It is strongly suggested to confirm the authenticity of such communications by calling the seller directly. Crucially, the number used for this verification call should be one that is already known or has been used in past interactions.

Educating Company Personnel

The police also highlight the need for company owners and directors to educate their staff about such fraudulent tactics. There is an emphasis on the importance of establishing robust verification processes internally for any payment requests received.

Resources and Assistance

To assist the public and especially those involved in trade, resources are available to provide guidance on how to safeguard against this specific type of online fraud. These resources offer valuable tips to help the public protect themselves from becoming victims of similar fraudulent activities in the future.

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Here is a simple explanation of what happened:

A company in Limassol was tricked by online fraudsters who changed their invoices and made the company lose over €45,000. The police are investigating the situation and advising other businesses to be careful with their payment details and teach their employees about preventing fraud.

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