Bank of Cyprus warns of fake AI investment scam

The Bank of Cyprus said on Thursday it is taking proactive measures to prevent online scams while fake news about a fraudulent lucrative platform linked to the bank have been circulating online.

The fraudulent AI platform marketed as the ‘Bank of Cyprus Trading AI Platform’, promises to earn users a guaranteed €15,000 a month, requiring only a minimal deposit of €250.

The fake platform has been promoted online, with misleading advertisements featuring a fabricated video in which Bank of Cyprus CEO, Panicos Nicolaou, supposedly discusses the platform’s success.

The video, which bears the BBC logo, claims that more than 30,000 Cypriots are already using the platform, each earning €15,000 per month with little to no effort. According to the fake video, the platform operates automatically on stock and foreign exchange markets, providing a steady passive income without the need for human intervention. The video also claims that 30,000 new users are joining the platform every day, and that the minimum deposit required to get started is just €250.

In addition to the fake video, the scam has been promoted through other fabricated content, including images allegedly showing Panicos Nicolaou posting about the platform on his Twitter account, as well as photos purportedly taken at bank branches to suggest a “phenomenal buzz” surrounding the platform’s launch.

The Bank of Cyprus has categorically denied any involvement with the platform, reiterating that these claims are entirely false.

A representative of the Bank of Cyprus confirmed to Cyprus Mail that the institution is aware of the fake video and advertisements promoting the fraudulent AI platform using the bank’s name and has issued a statement to address the issue.

“The bank approaches such incidents with the utmost seriousness.

“We are working proactively to prevent and address such matters, and we have invested heavily in protecting against potential breaches” the representative added.

The Bank of Cyprus has been actively warning its customers about fraudsters who are increasingly using advanced technology – including deepfake visuals – to create highly convincing scams.

These fraudsters often impersonate the bank, promoting fake investment opportunities that appear legitimate. They employ various methods to deceive the public, such as sending unsolicited phishing emails, SMS messages, and social media posts with links that redirect users to fraudulent websites. In some cases, they also contact individuals directly through phone calls or social media chats, urging them to act quickly or claiming they have access to exclusive investment opportunities.

As part of its ongoing efforts to protect customers, the Bank of Cyprus is urging the public to remain vigilant and follow essential safety practices to avoid falling victim to such scams. The bank advises customers to only use official Bank of Cyprus channels and websites to access account information and obtain details about products and services.

Additionally, it is crucial to avoid clicking on links from unsolicited emails, SMS, or social media posts and to report any suspicious messages to abuse@bankofcyprus.com.

Customers are also reminded to always verify any requests for personal or financial information directly with the bank using official contact channels. The Bank of Cyprus strongly advises against sharing sensitive information, such as banking passwords, OTPs, card details, or PINs, even if someone claims to represent the bank.

If any suspicious calls or communications are received, the bank urges customers to cease the conversation immediately and report the incident by calling 800 00 800 or +357 22128000 from abroad.