Cost fraud in Cyprus is on the rise, however the newest
information recommend the nation nonetheless information decrease ranges of fraud than the euro space
common. The Central Financial institution of Cyprus launched its first statistical report on
cost fraud masking the second half of 2024, highlighting how criminals
exploit several types of non-cash transactions.

Card Fraud Dominates by Quantity

In line with the report, card fraud made up 94% of all
fraudulent transactions by quantity. Nonetheless, when measured by worth, the most important
losses got here from credit score transfers, which accounted for 60% of fraudulent
exercise. Card funds adopted with 39% of the whole fraud worth.

The findings spotlight a transparent distinction in fraud
patterns: whereas playing cards are most ceaselessly misused, high-value fraud tends to
contain tricking account holders into transferring cash on to
fraudsters.

The Central Financial institution’s evaluation exhibits that 75% of
fraudulent credit score transfers concerned scams the place victims have been manipulated into
making funds. In distinction, 99% of card fraud circumstances stemmed from criminals
utilizing stolen or unauthorized buyer info.

The report additionally discovered that fraud linked to card use
was virtually fully concentrated in on-line transactions, regardless of most
official card funds nonetheless happening at bodily factors of sale.

Cross-Border Transactions Carry Increased Danger

Fraudulent exercise was way more widespread in
cross-border transactions in contrast with home funds. For card
transactions, the chance of fraud occurring exterior Cyprus was about 25 occasions
increased. This stark distinction underscores the challenges
regulators and cost suppliers face in securing worldwide transactions.

Official figures present that 94% of all fraudulent cost
transactions have been card-related, amounting to round 13,000 circumstances over the
six-month interval.

By comparability, all different cost companies mixed recorded
nearly 1,000 fraudulent transactions, underscoring the focus of
crime in card funds.

Credit score transfers accounted for the most important share, €1.8
million, or 60% of whole losses, whereas card fraud adopted carefully at €1.2
million, or 39%. Fraud throughout different cost companies was negligible, amounting
to lower than €50,000.

The euro space confirmed the same breakdown in worth phrases,
although with completely different proportions. Fraudulent credit score transfers accounted for
58% of whole losses, whereas card fraud contributed 30%.

Extra from Cyprus: Cyprus Belongings Underneath Administration Rise 6% to €10.7B, With Almost Three-Quarters in Personal Fairness

The Central Financial institution of Cyprus emphasised that monitoring
and publishing cost fraud information performs a key position in bettering transparency
and guiding additional regulatory motion. The brand new statistical releases will serve
as a benchmark for assessing traits in future reporting intervals.

In the meantime, a latest report exhibits that though the
variety of fund administration entities in Cyprus declined barely in early 2025,
total property beneath administration expanded considerably.

AUM Rises Regardless of Fewer Fund Managers

In line with
the Cyprus Securities and Change Fee, the collective investments
sector recorded €10.7 billion in whole property beneath administration within the first
quarter of 2025, reflecting a 6.64% improve from the earlier quarter.

This progress got here even because the variety of supervised
Administration Corporations and Undertakings of Collective Investments slipped by 1.8%
year-on-year, leaving the whole at 322.

This text was written by Jared Kirui at www.financemagnates.com.