Thursday , June 30 2022

Swedbank will facilitate code dropping by introducing significant payment limits / day


From January 10, the daily payment limit, which can be made using the code card, is 100 euros. From March 7, the daily payment threshold will be 50 EUR, but will be reduced to € 20 from June 6.

Other restrictions such as March 14 will no longer be able to sign in with a code card Swedbank Mobile application. Mobile apps are smartphones that use a free digital tool from the beginning of 2017 Smart-id.

The fact that such changes are international is also evidenced by the fact that another important issue will be held on 1 April of the next year Swedbank unlimited limit imposed by international credit card organizations, including VISA and Mastercard

code cards can not be used as confirmation of online bank card purchases.

The bank explains that the code cards are 20 years old technology that no longer conforms to today's security standards and are abandoned across Europe. The basic reason for the limitation of code cards is concerns about user safety. The reason is simple – card codes are not dynamic (they are repeated, they are available to third parties because they are printed on the card itself, the cardholder can transfer all codes to the cheaters).

Swedbank started a step-by-step closure of code cards in July this year and reduced step-by-step use of this authentication tool to facilitate early transition. Since the end of the year, a new free digital authentication solution has been offered – Smart-id – which is already used 300,000 Swedbank customer. Promote customers who have not yet had smart devices since June Swedbank double the standard code cost calculator, and for specific client groups, even specific conditions are provided, for example for pensioners, the code calculator costs two euros, but for the poor free of charge.

The bank is also concerned that some customers think the decision to switch to another authentication tool has been delayed for the last time. If such a number of customers left the switch at the last minute, all branches should process the exchange of code cards for two months without providing any other service at the moment, and therefore Swedbank Encourages the timely replacement of the code card with an alternative authentication tool:

  • Smart-id – a free app that is especially suited to smartphone owners. iOS or Android device owners can download and activate them using an existing card or other authentication tool itself or through a client advisor Swedbank complete service
  • If there is no smartphone Smart-id Alternatively, there is also a bank code calculator that has been reduced to a standard price since July 12, 2018;
  • Electronic Identity Card (eID) – National Identification Card.

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