The spokesperson for the Association of Cyprus Banks, Andreas Koutsouris, spoke on Mesimeri kai Kati about several pressing issues affecting Cypriot society- from how banks handle deposits after weddings and baptisms, to the rise in digital fraud, and upcoming shifts in monetary policy.
Koutsouris explained that during the summer months, when more weddings are held, banks observe an increase in deposit activity due to cash gifts. He noted that financial institutions require proper documentation to ensure that the money deposited is not linked to illegal activity.
“Funds collected through such events must be sufficiently justified so they are not considered proceeds of illegal activity or attempts at money laundering,” he said. These checks are part of a strengthened legal framework aimed at combating the legitimisation of criminal proceeds.
He added that while procedures may vary slightly between banks, all institutions operate within the legislative boundaries of the Republic of Cyprus and the European Union.
Rise in digital fraud
Koutsouris also highlighted a significant increase in scams involving fraudulent messages, including SMS and emails, where perpetrators pose as bank representatives.
“Fraud has reached worrying levels. We must accept that this is now part of everyday life. Unless we develop mechanisms for real-time verification, the situation will only worsen,” he warned. He also expressed concern that artificial intelligence may make detecting fraud even more difficult.
He urged the public to remain alert and composed, and to avoid sharing sensitive information such as usernames, passwords, or personal details — especially when asked under the guise of technical issues or urgency.
Interest rate cuts expected
On the economic front, Koutsouris said that interest rate cuts are expected from the European Central Bank (ECB), which would benefit borrowers.
“Projections indicate another 0.25% cut, which would lower instalments. It will be the fourth consecutive reduction since June 2024,” he said.
However, he cautioned that monetary decisions remain vulnerable to wider geopolitical tensions, energy developments, trade dynamics, and the ongoing uncertainty following the pandemic.
In closing, Koutsouris sent a clear message of vigilance to the public, emphasising both the need for caution in digital environments and the importance of adhering to proper banking procedures in a shifting economic landscape.
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