Bank of Cyprus warns public over fake CEO profiles on social media

The Bank of Cyprus on Wednesday warned the public about scammers potentially trying to defraud its clients, after detecting multiple fake social media profiles impersonating its chief executive officer.

The bank said the warning aimed to prevent fraud and protect customers from misleading investment claims.

Specifically, the bank said that in recent weeks several fake profiles had appeared on Threads, the text-based social media app owned by Facebook’s parent company Meta.

The profiles used the name and photograph of Bank of Cyprus chief executive officer Panicos Nicolaou.

“These profiles falsely present him as offering investment advice or promoting investment opportunities,” the Bank of Cyprus said, stressing that the content is deceptive and unauthorised.

“The chief executive does not provide investment advice through social media,” the bank said, underlining that any such claims should be treated as fraudulent.

“The Bank of Cyprus never asks the public for personal data, passwords or money through social media platforms,” it added, warning users to remain vigilant.

“Any such post or communication does not originate from the Bank of Cyprus and is misleading,” the bank said, referring to messages circulated by the fake accounts.

The bank urged the public to ignore and avoid interacting with such profiles or posts in order to reduce the risk of fraud.

It also warned people not to carry out any financial transaction or share personal information following contact through these fake accounts.

What is more, the Bank of Cyprus encouraged users to report fake profiles directly to the relevant social media platform and to always verify information through the bank’s official channels.

“The bank has already taken the necessary actions with the competent platforms,” it said, referring to efforts to have the fraudulent profiles addressed.

“Protecting customers and the public from fraud is a top priority for the Bank of Cyprus,” the statement said, emphasising its commitment to safeguarding users.