A Limassol company was defrauded out of €50,000 after scammers appear to have impersonated a previous business partner, tricking the company into sending over money.

Police detailed that the company’s director reported the incident on Monday – explaining that €50,000 was paid last March to an Italian company for building materials.

However, it later transpired that the payment was instead made to a bank in Poland instead of the intended bank in Italy, as conveyed in the emails.

The company in Cyprus was informed on April 5 by the Italian factory that the invoice for the purchase of the materials was not paid, therefore raising suspicions.

It was soon realised that the scammers had gained access to the company’s online communications – in this case, emails – and then impersonated the Italian company.

The Limassol branch of the financial crimes unit is investigating, while the police urged the public to verify messages before making payments.

They added that this can be done by a follow-up phone call to the company through a previously established and confirmed line.

The force further emphasised that companies should inform their employees of the latest fraud incident and implement the necessary payment verification protocols.