Insider Business Additional security measures on Bank of Cyprus digital channels

Additional security measures on Bank of Cyprus digital channels

The Bank of Cyprus is harmonising 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:

  1. 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/
  2. 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.

Top Stories

Parties’ alternatives to state-guaranteed loans submitted by Monday

Discussion before Friday’s House plenum on a government scheme to guarantee loans worth €2bn has been postponed since political parties are set to submit...

A gravedigger opens new graves in Sao Paulo

A gravedigger opens new graves with an excavator as the number of dead people rose after the coronavirus disease (COVID-19) outbreak, at Vila Formosa...

Aradippou begins Covid-19 sample taking

Sample taking for coronavirus tests started at 8 am in Aradippou, Mayor Evangelos Evangelides said. Aradippou has recorded a disproportionately high number of Covid -19...

Kiosks association issues list of products they can sell on Sundays

The Association of Continuous Services Shops issued on Friday a list of products that kiosks are allowed to sell, as they are the only...

Paphos Hospital dialysis patients test negative

Paphos Hospital dialysis patients have tested negative for coronavirus, the head of the nephrology clinic Dr Lakis Yioukas told CNA on Friday. He said that...

Taste

Village olive pie

Mix the yeast with the lukewarm water and put it aside for about 12-15 minutes to settle.  Sift the flour with the salt into...

Skordalia (Garlic paste)

Rinse the potatoes and place, unpeeled, in a saucepan. Cover with water, add salt and allow to simmer for 20-30 minutes until soft. Drain,...

Village salad

A must-have with every meal is a village salad. You will find it in every tavern or greek restaurant you visit in Cyprus. Make...

Courgettes with eggs

Heat the oil in a frying pan and fry the courgettes at a medium heat until they soften. Add salt and add the eggs....