Payment Fraud in Cyprus Rose by 30% in the First Half of 2025

In the first half of 2025, the number of fraudulent payment transactions in Cyprus increased by 30%, while their total value rose by 66%. This was stated in a report by the Central Bank of Cyprus.

Over the six-month period, approximately 16,000 cases of fraud were recorded, totaling nearly €4 million. Despite the growth, these figures remain below the euro area averages in relative terms.

92% of all cases involved bank card operations—about 15,000 transactions. Notably, credit card fraud occurred more frequently than debit card fraud, which the regulator attributes to higher spending limits.

The total loss was distributed as follows:

• €1.9 million — fraud involving credit transfers (54%);
• €1.6 million — card transactions (45%);
• less than €50,000 — other types of payments.

The average amount of a fraudulent transfer was €5,472—one of the highest figures in the EU.

Almost all card fraud occurred online:

• 97% of cases — internet payments,
• only 3% — at physical points of sale.

It is also noted that cross-border operations are significantly more vulnerable: the risk of fraud in international card payments was 24 times higher.

The Central Bank emphasized the effectiveness of Strong Customer Authentication (SCA). Payments confirmed through SCA demonstrate a fraud level three times lower than unconfirmed transactions.

Furthermore, since October 2025, the "Verification of Payee" system became mandatory in the EU, which is expected to further reduce risks in bank transfers.

The Central Bank noted