Police warn of new crypto scam targeting investors in Cyprus

Authorities are warning the public about a new type of scam making the rounds in Cyprus, targeting people who have invested in cryptocurrencies and promising them easy profits.

According to Cyprus Police, fraudsters are calling individuals who have previously invested in crypto online, claiming they can help them cash in on supposed earnings.

But the call is a trap.

During these conversations, scammers ask victims to give them remote access to their computers—often under the pretense of “assisting” with the process. At the same time, they instruct victims to log into their online banking accounts.

Once inside, the scammers move quickly.

They transfer money out of the victim’s account and into their own, while also asking for one-time verification codes (known as OTPs) sent by the bank via text message, codes that effectively approve the transaction.

Police say that by the time victims realize what’s happening, the money is already gone.

Authorities are urging the public to stay alert and protect their personal and financial information. Passwords, banking details, and security codes should never be shared with anyone no matter how convincing they may sound.

They also stress that anyone looking to invest or carry out financial transactions online should only work with licensed companies and approved financial advisers.

The warning comes as online scams continue to evolve, with fraudsters finding new ways to exploit the growing popularity of cryptocurrency, and the trust of those hoping to profit from it.