I talked to our web devs. It turns out they are using the same software that you are BUT...
By "software", do you mean Simple Machines Forum? What version?
...the distortion and noise settings (as well as others, so they tell me) can be altered to make things easier on the user while still confusing bots. We apparently altered ours to be easier on users after we received complaints (they did usability tests to confirm their results).
Again, please try to be specific. Are you referring to the built-in captcha, recaptcha, or something else? The built-in captcha has complexity settings, yes. However, they are quite basic - giving 4 options: plain text on image, overlapping colors- no noise, overlapping colors - with noise, and angled letters with noise. In the past, we have used the highest setting. This broke a while back and proceeded to only show a valid captcha every couple of tries. Even in this partially-working state, spammers/bots still got through. So, a forum upgrade was done and I implemented a number of anti-spam measures including tossing the built-in captcha system with recaptcha.
Usability tests are great and all, however the spammers/bots need to be kept out as well. A forum littered with spam is much less usable than an easy registration process which only needs to be done once.
I am quite open to suggestions of what I can further do/change to help on all sides. Please report back with what you find out from your developers.