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Bank of Cyprus rolls out a new process for authenticating online card transactions

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In a bid to further enhance security for online card transactions using the Safe@Web service, Bank of Cyprus is upgrading the authentication process for clients carrying out transactions online.

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Currently, authentication is done by sending via SMS a One-Time Passcode (OTP), which the client enters into the relevant field in order to complete a transaction.

The new process will be executed exclusively through the Bank of Cyprus Mobile Banking App.

To complete their online transaction using a card, 1bank subscribers will receive a Push Notification on their mobile device asking them to authenticate themselves. This will be done either via Fingerprint, Face ID or a Passcode, depending on what method the client uses to log into the Bank of Cyprus Mobile Banking App.

Once the card holder is authenticated, the transaction details will appear on their mobile’s display. The client must next confirm the transaction details, and select “Accept” on their mobile’s display. This will complete the authentication process. If a client does not agree with the transaction details, he or she will select “Deny” to cancel the online transaction.

This process will work provided the client has previously activated the new authentication process as well as the Push Notifications feature through the Bank of Cyprus Mobile Banking App.

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