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Bank of Cyprus implementing additional security for digital operations


The Bank of Cyprus puts its procedures in full compliance with the European Payment Services Directive, which requires stronger customer authentication procedures in electronic payments protection. Under the European Payment Services Directive and the provision and use of Payments Services and Access to Payment Systems Law, banks are required to implement stronger customer authentication to secure payments. In cases where payment service providers apply stronger customer authentication, they also adopt security measures that meet specific requirements.

The major changes which will apply to all Bank of Cyprus digital channels will include adoption of an additional authentication measure upon subscribers’ login namely “Trust Device”. Also, the old Digipass Hardware will be terminated, and can be replaced with a new Digipass SMS or APP via Internet Banking. All these changes have the purpose to further enhance digital security of the bank and provide safe environment for banking transactions.
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