pensioner scam — pensioner scam — A 66-year-old man has fallen victim to a sophisticated online scam, losing almost €90,000 after being persuaded to invest in cryptocurrencies. The incident unfolded between May and November 2025 when the man was contacted by unknown individuals through various online platforms.
Initially, the pensioner was convinced by the scammers to transfer a staggering total of €89,816 to a cryptocurrency platform that they had set up in his name. The scammers guided him through the process, leading him to believe that he was making a legitimate investment.
However, in November, the man suddenly lost all communication with the suspects. It became evident that he had been cut off from the accounts they had established for him. This abrupt end to their interactions raised alarm bells, prompting him to suspect that he had been scammed.
The economic crime unit of Paphos police has since taken on the case, launching an investigation to track down the perpetrators and recover the funds. Authorities have issued a warning to the public, advising caution when engaging in any financial transactions online.
Police emphasised the importance of dealing exclusively with recognised companies and approved advisors for any investments. They also urged individuals to safeguard sensitive information, including bank account details, passwords, and personal data. The advice serves as a reminder of the potential dangers lurking in the digital world, where scams can lead to significant financial loss.
As the investigation continues, the police hope to raise awareness about these types of scams, which are increasingly common. Victims are often targeted through persuasive tactics that exploit their trust and eagerness to invest in emerging markets like cryptocurrency.
