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Additional security measures on Bank of Cyprus digital channels
September 9, 2019
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.