Tuesday , October 4 2022

Time to drop the code cards! Swedbank will stop using Internet Banking Cards completely – Business – News


To avoid the risk of delaying the transition to the last minute when some of the customers miss the closing moment or face the queues, Swedbank Code cards will significantly reduce payment limits from the beginning of 2019.

The daily payment limit, which can be made using a code card from 10 January, will be 100 Euro. From 7 March onwards, the daily payment limit is EUR 50, but it will be reduced from 6 June to 20 EUR.

In the same way, the authorization right shall be closed from 14 March 2019. Swedbank Mobile application using a code card. Mobile application environment, smartphones that use free digital tool since the beginning of 2017. Smart ID.

The fact that these changes are international is evidenced by the fact that another important issue will take place on April 1st next year. Swedbank limitation imposed by international card payment agencies, including VISA and MasterCard – You can no longer use credit cards as confirmation of online bank card purchases.

Swedbank he explained that the code cards are a 20-year-old technology that does not meet today's safety standards and is abandoned across Europe.

The main reason behind the limitations of code cards are concerns about user safety. The reason is simple – card codes are not dynamic (they can be repeated, accessed by third parties, because the card is printed on them, the cardholder can transfer all the codes to crooks, etc.).

Swedbank In early July of this year, code cards were gradually shut down, and this was limited to making the authentication tool easier to use step by step.

A new, free digital authentication solution is available at the end of the year – Smart ID – already used 300 000 Swedbank customer. Supporting customers that haven't yet had smart devices since June Swedbank The standard code cost calculator doubles, and more specific conditions are provided for some customer groups, for example retirees, the code calculator costs two euros, but is free for low-income individuals.

Statistics show that customers are actively moving to new funds – from June to September, the number of connections to the digital channels, along with the bank code, has decreased by 11%. Smart ID Increased by 34%, but with the calculator of code increased by – 15%. However, due to the fact that almost 500,000 customers still use the code card, the risk prevention rate began to get used to the code cards on a daily basis, and informed the bank. Unfortunately, the current feedback from customers shows that many people are currently thinking of delaying the transition to another authentication tool for the last time.

Swedbank he pointed out that if so many customers leave the last minute, all branches should work together to change their code cards for two months without providing another service within that period.

The bank said it is advised that customers change the code card to another appropriate authentication tool on time. Alternative code card Smart ID – A free app that is especially suitable for smartphone owners. iOS or android device owners may download and enable them through themselves or through any customer advisor with an existing code card or other authentication tool Swedbank full service branch.

No smartphone Smart ID Alternatively, there is a bank code calculator that reduces the standard price since July 12, 2018. Alternatively, the code card alternative is the Electronic ID Card (eID) – an identification card issued by the state.

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