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Monday 22.04.2019 | Name days: Armanda, Armands
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Reminder: further code card restrictions come to force today

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUFollowing stricter EU requirements in regards to digital authentication of clients, Swedbank will cease using code cards completely starting with 9 September 2019. With that, Swedbank will gradually phase out code cards completely.

7 March marks the coming into force of daily spending limit – instead of EUR 100, the amount applicable for spending using code cards will be limited to EUR 50, the bank confirms.

At the same time, users will no longer be able to use code cards to access Swedbank mobile app.

VISA and MasterCard organizations have also increased transaction security requirements. To provide that, Swedbank will no longer allow clients to use code cards to authorize internet purchases starting with 1 April. This will apply to purchases on internet stores that use VISA and MasterCard internet purchase security system 3D Secure (such stores can be identified by Verified by VISA and MasterCard Secure Code logos).

The next (and final) limit for code cards will be introduced by Swedbank on 6 June, when no more than EUR 20 a day will be allowed to be spend using code cards.

About Smart-ID

Lately the number of Swedbank clients using Smart-ID has tripled, reaching half a million, which is twice as many as the number of clients still using code cards. Smart-ID us used by 500,000 clients, whereas code calculators are used by 25,000 Swedbank clients. Although the transition rate is rapid, there are still around 220,000 clients who leave the decision to the last moment.

Smart-ID is downloaded by clients individually from AppStore or Google Play. Initial activation of the app requires use of a code card or code calculator. Then users have to come up with PIN codes they will use to access their internet bank and payment authorization.


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