SEB Bank to replace code cards with Smart-ID in June

On Thursday, 15 June, several restrictions for transactions using SEB Bank code cards will come into force. Code cards will be allowed to be used to confirm only small transactions to other banks that do not exceed EUR 30, SEB Bank representatives say.

In addition, code cards will not be allowed to be used to confirm purchases on websites that use 3D Secure system. To perform purchases on the internet, SEB Bank invites clients to use the free Smart-ID phone app.
 

These restrictions are being instituted in accordance with security requirements set by regulators for the entire finance industry.
 

SEB Bank board member Arnis Skapars comments: «These changes apply to all Latvian banks. Because of those changes code cards lose their role. We now have more modern solution to replace them. This solution fits modern security standards – Smart-ID mobile phone application.»
 

He continues: «Already nearly 35,000 of our clients use Smart-ID. The feedback we have received so far has been unanimous. Clients that have used Smart-ID do not want to go back to code cards. The biggest advantage offered by Smart-ID is its convenience.»
 

Bank representatives also say that clients will still be able to use code cards to access their internet banking accounts. However, code cards will no longer be used for transactions.

BNN

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