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Cyprus Payment Fraud Rises 30% While Financial Losses Climb 66%

by THEFUTURE.TEAM

February 18, 2026

Introduction: Escalating Fraud In Cyprus

A recent report from the Central Bank of Cyprus reveals a marked increase in payment fraud within the country. The first half of 2025 saw a 30% rise in fraudulent transactions and a 66% surge in the overall value of fraud, reaching nearly €4 million. These alarming figures were documented in the bank’s second report on the matter, highlighting approximately 16,000 fraudulent incidents between January and June 2025 compared to the same period in 2024. Cases include both unauthorized transactions and payments executed following deliberate manipulation by the payer.

Accelerated Growth Relative To The Eurozone

The report underscores that the rate of fraud escalation in Cyprus outpaces the average within the Eurozone. While the overall number of incidents across the Eurozone has remained stable at around 9 million transactions, the monetary value of fraud in the region experienced only a marginal 6% increase to €1.7 billion. Despite the sharp upward trend in Cyprus, the report notes that fraud levels remain acceptable in both absolute and relative terms compared to the broader European average.

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Card Payments And Credit Transfers In Focus

Card payments continue to be the most commonly exploited method, accounting for 92% of fraudulent events. However, credit transfers have emerged as the largest source of financial damage, representing 54% of the total fraud value, which translates to losses of approximately €1.9 million. In contrast, card payment fraud accounts for 45% of the total with losses of around €1.6 million. Notably, the average fraudulent credit transfer in Cyprus reached €5,472, surpassing the national transaction average of €4,496. This positions Cyprus among the countries with the highest average fraudulent credit transfer incidents within the Eurozone.

Cross-Border Transactions And Online Payments

The analysis highlights that cross-border fraud incidents far exceed domestic ones for all payment methods. For instance, fraudulent activity in cross-border card payments is 24 times more likely than that in domestic transactions. Furthermore, while the majority of card payments occur at physical points of sale, nearly 97% of fraud incidents are associated with online transactions. Card payment fraud is predominantly driven by the theft or misappropriation of sensitive payment data, whereas credit transfer fraud often involves the deception of account holders into authorizing payments themselves.

The Imperative Of Prevention And Collaboration

The Central Bank of Cyprus emphasizes the positive impact of stringent Strong Customer Authentication (SCA) in reducing card payment fraud, while noting that human error remains the weakest link in security. In an increasingly complex economic landscape, the report calls for enhanced collaboration among payment service providers, regulatory authorities, and the public. Investments in robust security measures, advanced monitoring technologies, and comprehensive financial education are essential to fortify defenses against emerging fraud schemes.

The Future Forbes Realty Global Properties

by News Editor

August 24, 2026

Courts Are Still Applying Old Copyright Rules To AI

AI companies train models on enormous amounts of published material, including books, articles and academic research. Whether using that content without authors’ permission violates copyright law remains unresolved.

Much of the debate centres on fair use, which allows copyrighted material to be used without permission in certain circumstances. Courts consider factors such as the purpose of the use, how much material was involved and its impact on the original market.

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Anthropic Case Sets An Important Precedent

A major case involving Anthropic and a group of authors provided one of the clearest rulings so far. Judge William Alsup found that using copyrighted books to train AI models was lawful, comparing the process to people reading and studying literature before creating something new.

Anthropic was nevertheless ordered to pay $1.5 billion in a settlement. The penalty concerned books the company had obtained from illegal online libraries rather than the AI training itself.

For AI companies, that distinction could prove significant because it separates studying copyrighted material from directly copying it.

Competition Could Be The Key Issue

A case involving Thomson Reuters and Ross Intelligence offers a different perspective. A court ruled that Ross could not claim fair use after using Reuters’ copyrighted material to develop a competing AI-powered legal research platform.

The decision suggests courts may be less willing to consider AI training fair use when copyrighted content is used to build a product that directly competes with the original.

For authors, an unresolved question is whether AI-generated content should be considered competition for the works used to train these models.

The Law Has Yet To Catch Up

US copyright law predates generative AI by decades, leaving courts to apply old principles to new technology. Questions also remain over copyright protection for AI-generated works. In Thaler v. Perlmutter, a court ruled that material created entirely by AI cannot receive copyright protection.

Major AI companies remain involved in copyright litigation, and different courts could reach different conclusions. For now, there is no universal rule: the legality of AI training will depend on the circumstances of each case and how courts ultimately interpret copyright and fair use.