You've "Moderators View Access Level" set to "Public". This means everyone is a CB Moderator. Moderators don't have to complete Captcha. I've set this to a new custom View Access Level that includes only Super Users. Add more groups to it as needed, but please be careful with that parameter.
After fixing the parameter and clearing cache the captcha is displaying fine. Please also confirm is displaying fine.
Please note it is not advised to use page caching with CB. If you install the latest CB 2.x nightly build below CB will clear its own page cache to prevent caching issues.
Kyle (Krileon) Community Builder Team Member Before posting on forums:
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-- If you are a Professional, Developer, or CB Paid Subscriptions subscriber and have a support issue please always post in your respective support forums for best results!
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