Nicosia, Cyprus. Fraudulent payment transactions in Cyprus rose in volume and value in the first half of 2025, though they remained below euro area averages in relative terms, the Central Bank of Cyprus said. Cypriot business organisations also expressed sorrow over the death of entrepreneur Constantinos Shiacolas.
Central bank reports rise in fraud cases and value
The Central Bank of Cyprus (CBC) said fraudulent payment transactions surged by 30 per cent in volume and 66 per cent in value in the first half of 2025.
Total fraudulent payment transactions rose to approximately 16,000 cases in the first six months of 2025 compared with the same period in 2024, while their total value climbed to almost €4 million.
Comparison with euro area trends
The CBC said the increase was faster than in the euro area overall, where the total number of fraudulent transactions remained broadly stable at around 9 million between the end of the first half of 2024 and the end of the first half of 2025.
Over the same period, the total value of fraudulent transactions in the euro area rose by 6 per cent to €1.7 billion.
CBC assessment and drivers of the trend
The CBC said fraud levels remain acceptable in both absolute and relative terms in Cyprus, noting that fraud as a share of total payments is still lower than the corresponding euro averages for each payment service.
It added that the upward trend has been driven primarily by a surge in fraudulent card payments over recent years.
Business community mourns Constantinos Shiacolas
Cypriot business organisations expressed sorrow over the death of prominent entrepreneur Constantinos Shiacolas, describing him as one of the most distinguished figures in the country’s construction and investment sectors.
The Federation of Employers and Industrialists (Oev) said he had been recognised for decades across the broader construction industry and had earned international respect.
The Cyprus Chamber of Commerce and Industry (Keve) said its president, board and staff expressed deep sorrow, stating in a post on its platform that Shiacolas “left an indelible mark in the field of construction, investment and in general in Cypriot business”.
Keve also conveyed sincere condolences to his family and loved ones.
Shiacolas was described as leaving behind a long and varied career in construction and investment, as well as a strong imprint on the island’s business community.
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