Bank of Cyprus Alerts Public to Fraudulent AI Trading Platform Promoted by Deepfake Video

The Bank of Cyprus has announced that it is taking proactive measures to combat online scams. This follows the emergence of a fraudulent AI platform marketed as the "Bank of Cyprus Trading AI Platform," which falsely promises guaranteed earnings of €15,000 per month for a minimal deposit of €250. Misleading advertisements for the platform include a fabricated video purportedly featuring Bank of Cyprus CEO Panicos Nicolaou discussing its success.

The fake video, bearing the BBC logo, claims that over 30,000 Cypriots are using the platform, each earning €15,000 per month effortlessly. It alleges that the platform automatically operates on stock and foreign exchange markets, generating steady passive income without human intervention. The video also misleadingly suggests that the platform onboards 30,000 new users per day and that only a €250 minimum deposit is required to start.

In addition, the fraudulent platform has been promoted through other fabricated content, including images falsely showing Nicolaou posting about the platform on X and photos taken at bank branches to create a false impression of excitement around its launch.

The Bank of Cyprus has denied any involvement with the platform, calling these claims false.

The bank urges customers to use only official Bank of Cyprus channels and websites to access account information and obtain details about products and services, and to avoid clicking on links from unsolicited emails, SMS, or social media posts.

Customers are 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 the request claims to come from the bank.