Cyprus: consumers association says people misled by deepfake videos of politicians lost money in an investment scam, one case over €40,000

According to the Cyprus Consumers Association, as reported by in-cyprus.com on 12 May 2025 from its president's interview with CyBC, citizens who fell victim to investment fraud through manipulated videos of politicians encouraging investments were receiving threats when they discovered the deception and demanded explanations. The president said 14 people reported their experiences with these scams in just one day despite earlier warnings. The deception typically began with a request for a €250 investment; in one case losses exceeded €40,000, and some victims reported investing their last available funds. The outlet also describes a case in which a €40,000 investment supposedly grew to €195,000 on paper, but the money was never recoverable. The outlet reports that the fraudulent videos featured the President of the Republic, Averof Neofytou, Haris Georgiades and, more recently, a government minister, without their knowledge, and describes them as AI-generated videos showing the officials appearing to recommend investments as a solution to economic difficulties; the president noted that the politicians' lip movements matched the fraudulent statements. The scam ran through social-media videos followed by phone calls from a supposed financial adviser who opened a personal account showing rapidly rising profits; withdrawals then met excuses, delays and silence. The association, which had been monitoring the scheme since early January and identified two platforms (asking for initial investments of €250 and €150), invested €250 itself to study the method. Some citizens reported the scams to the police.

The Cyprus Consumers Association says people who fell for investment offers promoted by deepfake videos of Cypriot politicians lost money, one of them more than €40,000, some their last available funds, and that victims who demanded explanations received threats.

AI-generated videos of well-known politicians recommending investments drew people into a fraudulent platform; fake advisers then encouraged larger deposits and blocked withdrawals. The generated likenesses are the reported entry point; the calls, accounts and threats were made by the fraudsters.

The Cyprus Consumers Association warned the public, said it was gathering evidence and planned to alert citizens across Europe. Some citizens reported the scams to the police; the outlet reports that the perpetrators operate in ways that make them difficult to trace, even for the Economic Crime Unit. No arrest or proceeding is reported in the source read.