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.

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EU Services Production Grows As Information And Communication Lead

by THEFUTURE.TEAM

November 10, 2026

Services production continued to expand across the European Union in August 2026, with information and communication recording the strongest annual growth. However, performance varied significantly between industries and member states, while Cyprus reported a mixed picture, with business services expanding and hospitality-related activities declining.

Information And Communication Leads Sector Growth

Compared with August 2025, services production increased by 5.9% in the euro area and 5.8% across the EU in information and communication. Transportation and storage also recorded growth, rising by 2.1% and 1.9%, respectively.

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Real estate activities increased by 1.6% in the euro area and 1.1% in the EU. Professional, scientific and technical activities grew by 1% in both areas, while administrative and support services advanced by 1.1% and 1.3%.

Accommodation and food services was the only major sector to record an annual decline, falling by 0.1% in both the euro area and the EU.

The monthly figures were more mixed. Information and communication remained the strongest performer, increasing by 1.2% in the euro area and 1% across the EU. Real estate activities rose by 0.4% and 0.9%, respectively, while transportation and storage edged up 0.1% in the euro area but declined by 0.2% in the EU.

Administrative and support services recorded modest gains of 0.2% in the euro area and 0.1% in the EU. Accommodation and food services fell by 0.3% and 0.4%, while professional, scientific and technical activities declined by 0.8% and 0.9%, respectively.

Slovakia And Greece Record Strongest Annual Growth

Romania recorded the largest monthly increase in services production, at 5.2%, followed by Malta at 1.8% and Portugal at 1.7%. Luxembourg experienced the steepest decline, with output falling by 5.1%, followed by Bulgaria at 2.3% and Denmark at 1.9%.

On an annual basis, Slovakia led with growth of 10%, followed by Greece at 9.3% and Malta at 7.5%. Hungary recorded the weakest performance, with services production declining by 5.6%. Denmark fell by 5.3%, while Italy recorded a smaller decrease of 0.3%.

Cyprus Sees Growth In Business Services But Weakness In Hospitality

Cyprus’ latest figures show a similar divide between expanding business services and weaker hospitality-related activities. According to the Statistical Service of Cyprus (Cystat), professional, scientific and technical activities recorded the strongest annual growth among the covered sectors in the second quarter of 2026, increasing by 3.4%.

Transportation and storage and information and communication both grew by 2.1%, while real estate activities rose by 1.6%. In contrast, accommodation and food services declined by 3.1% year on year, and administrative and support services fell by 2.2%.

First-half results were more favourable for several sectors. Between January and June, professional, scientific and technical activities grew by 3.5%, transportation and storage by 2.8%, real estate by 2.1% and information and communication by 1.3%.

Nevertheless, administrative and support services contracted by 1% over the six-month period, while accommodation and food services declined by 0.7%.

How Cyprus’ Figures Differ From Eurostat’s Data

The Eurostat and Cystat figures measure different aspects of economic activity and are not directly comparable. Eurostat’s services production index tracks changes in the volume of output, whereas Cystat’s Turnover Value Index for Services and Transport measures the value of sales at current prices.

The reporting periods also differ: Eurostat’s figures cover August, while the cited Cypriot data relate to the second quarter and first half of 2026.

Cystat transmits services production data to Eurostat but does not yet publish a separate national production index. Turnover figures therefore remain the main publicly available national indicator for the sector.

Taken together, the data point to continued growth in several of Cyprus’ business-oriented services, alongside persistent pressure on accommodation, food and administrative support activities.

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