Police on Sunday urged the public and businesses to be very cautious in online commercial transactions after a Limassol business lost €48,000 during a bank transfer.

CID is investigating the fraud that occurred at the end of January.

According to the complaint filed by a company manager in Limassol, after an exchange of messages between his company and a cooperating company abroad, he transferred €48,000.

He was then informed by the company abroad that the invoice for his order had not been paid.

After investigating, it transpired that unknown persons hijacked the electronic communication that his company had with the collaborating company abroad, and sent him a different bank account number, diverting the money to them.