Police warn of online pyramid scam

Police on Friday warned of an online pyramid scheme luring in victims who are then pushed to draw in more people.

Authorities cautioned that members of the public are being approached on social media platforms, such as Instagram, Facebook and Telegram, with promises of daily returns on their investment of five to ten per cent.

The victims are directed to provide their phone number and install an application, while also being asked to buy investments of €100, €600 or even €1,500.

Perpetrators of the scam say that returns on investments will increase according to how many more people the victims sign up as well as how many “likes” and how much engagement is carried out on the platform’s pages.

Police urged the public to be cautious and report any suspicious activity to the cybercrime unit at 22808200 or contact the citizens’ helpline at 1460. More information is available at www.cypruspolicenews.com.