The Bank of Cyprus is harmonizing its procedures in full compliance with the European Payment Services Directive, which requires stronger customer authentication procedures in respect to electronic payments protection.
Under the European Payment Services Directive 2015/2366 (PSD2) and the provision and use of Payments Services and Access to Payment Systems Law (L.31 (I) / 2018), banks are required to implement stronger customer authentication for the purpose of securing payments. As stated in the security measures described in the RTS (Regulatory Technical Standard) and effective on the 13/9/2019, in cases where payment service providers apply strong customer authentication, they shall also adopt security measures that meet specific requirements.
According to the relevant directive, the following major changes will apply to all Bank of Cyprus 1bank digital channels within the next few days, which will further safeguard secure transactions:
- On 11/09, 1bank will adopt an additional authentication measure upon subscribers’ login namely “Trust Device”. More information is available at https://www.bankofcyprus.com.cy/home-gr/Internet-Banking_gr/hidden/trust-device/
- On 13/09/2019 the use of the old Digipass Hardware (models Go3, 550, 320) will be terminated. Subscribers who own a Digipass security device have already been informed on how to terminate these devices. Old devices can be replaced with a new Digipass SMS or APP via Internet Banking by selecting: Settings> Digipass Management> Apply for New. Once subscribers complete the purchase of a Digipass, they will need to activate it by selecting: Settings> Digipass Management > Activate / Switch Usage. Both these actions require the use of existing Digipass security device. Also note that, the replacement of old Digipass devices will be possible after the deadline of 13/09. More information can be found at https://www.bankofcyprus.com.cy/home-gr/Internet-Banking_gr/Digipass/digipass-replacement/
All the above changes will further enhance the security of 1bank’s Digital Channels while providing a safer environment for performing banking transactions.