The inscription may be written in Greek characters, but none of the words in it appear to be actual classical Greek words. Not a single one of them is in my classical Greek lexicon, and the formation and the word-endings do not make sense.
Some local dialect of Greek?
From the article it looks also like the amulet maker was unclear on the symbology.
And there is no “W” in Greek. Those should be small omegas, not “Ws”! (See the Amulet.)
Perhaps this is like a St. Christopher Medal, something sold at temple to 5th century cypriot tourists in Egypt, perhaps. They use the local language, Coptic or Egyptian, written with Greek letters. (Oddly, icons of St Christopher sometimes depicts him as having a Dogs head.)