Description: An alleged fraudulent online platform presented as the "Bank of Cyprus Trading AI Platform" was promoted using reportedly fabricated media, including a video that appeared to depict the Bank's CEO endorsing the service. The video reportedly used misleading branding, including the BBC logo, and promised unrealistic investment returns. The Bank of Cyprus publicly denied any affiliation and warned customers about the use of AI-generated content in the scam.
Editor Notes: First public warning issued by Bank of Cyprus on 11/14/2024; scam materials may have circulated earlier. It was ingested into the AIID on 05/16/2025. Refer as well to Incident 1063, which pertains to a later deepfake scam incident in Cyprus.
Entities
View all entitiesAlleged: Unknown voice cloning technology developer and Unknown deepfake technology developer developed an AI system deployed by Unknown scammers , Unknown fraudsters and Unidentified scam network, which harmed Prospective investors in Cyprus , Panicos Nicolaou , General public of Cyprus , BBC , Bank of Cyprus customers and Bank of Cyprus.
Alleged implicated AI systems: WhatsApp , Unknown voice cloning technology , Unknown deepfake technology and Social media platforms
Incident Stats
Incident ID
1064
Report Count
1
Incident Date
2024-11-14
Editors
Daniel Atherton
Incident Reports
Reports Timeline
The Bank of Cyprus said on Thursday it is taking proactive measures to prevent online scams while fake news about a fraudulent lucrative platform linked to the bank have been circulating online.
The fraudulent AI platform marketed as the 'B…
Variants
A "variant" is an incident that shares the same causative factors, produces similar harms, and involves the same intelligent systems as a known AI incident. Rather than index variants as entirely separate incidents, we list variations of incidents under the first similar incident submitted to the database. Unlike other submission types to the incident database, variants are not required to have reporting in evidence external to the Incident Database. Learn more from the research paper.