A 57-year-old Nicosia businessman fell victim to a phone scam that saw him lose €14,500 on Monday afternoon, police reported on Tuesday.

The man first received a phone call from an unknown caller wanting to purchase products from his company and asked for his bank details to make the payment.

Shortly after, the man received another from a person who claimed to be an employee from his bank, eventually getting the man to share his account details, resulting in the 57-year-old losing €14,500.

The police called on citizens to always be cautious, never reveal their bank account details to anyone, and to always confirm and verify money transfer instructions.

The case is being investigated by the Nicosia financial crime department.