SMS Digipass & Digipass APP
Continuing our efforts to improve your experience and to enhance security while using 1bank for your electronic banking transactions, Bank of Cyprus has introduced two new Digipass “virtual” devices.
Bank of Cyprus offers two new Digipass “virtual” devices:
Both new Digipass types, as with the existing hardware Digipass devices, gererate codes (One time Passwords) that are used for verifying the authenticity of transactions through the 1bank channels and for instructions sent by fax (Digipass APP).
They provide improved convenience. as they are easier to use, as well as enhanced security as the generated unique “One Time Passwords” (OTP) are specific to each transaction. The passwords created take into account basic transaction data, such as: the type of transaction, the beneficiary’s account, the currency, the amount etc. In addition to the provision of the One Time Password, the subscriber is also informed about the basic transaction data before authorizing a transaction, thus avoiding any possibility of error.
Due to the enhanced security, you have the option of increasing your daily Digipass transaction limits by signing the appropriate application.
Unlike the existing hardware devices, with the new Digipass types you do not need to carry a device with you for authorizing electronic banking transactions. You only need:
- Your mobile phone device (for the SMS Digipass), and the One Time Passwords are sent via sms to the mobile phone number which is registered in the Bank's systems
- Your handheld device of choice (Mobile, Tablet) (for the Digipass APP), and the One Time Passwords are generated through an App (Application) installed on the device.
Other than the ease of use, the new Digipass types do not require replacement due to battery depletion or deterioration/damage of the display etc., as is the case with the existing hardware digipass.
Note: It is recommended to customers who already have in their possession the old types of Digipass devices (models GO3, DP550, DP320) to replace them at their earliest convenience. These types of devices are not offered for new applications and their usage will stop after the September 13th, 2019.
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