Starting from July 2, Luminor bank will begin applying restrictions to payments made using code cards or GO3 code generators.
“Because code cards will remain valid until September 10, clients will be able to gradually adapt to more secure authentication tools. Changes are planned because of stricter EU requirements towards clients’ digital authentication to increase safety from fraud cases. To ensure a simple transition to new authentication tools, clients are invited to start using Smart-ID mobile app,” the bank mentions in its announcement.
EU regulation on secure online transaction, binding to all Latvian banks, has come into effect. To further improve clients’ authentication and payment security, Luminor plans to gradually cease authentication using code cards and GO3 code generations.
Code cards are considered an outdated solution that no longer offers sufficient security levels, experts say.
Authentication using code cards has been present in Latvia basically since the introduction of internet banking services. The major flaw lies in unchanging codes, which can be accessed by third parties, considering all codes are printed on a card, Luminor notes.
“We have been using code cards for several dozen years. However, the digital and technological world develops rapidly. Because of that, code cards no longer meet modern security requirements. With that, we have decided to leave code cards in the past and replace them with modern solutions that do meet modern security requirements. We urge clients to transition to alternative authentication tools – mobile app Smart-ID. Its biggest advantage is its simplicity, comfort and speed,” says Luminor Latvia governor Kerli Gabrilovica.
Clients who still use code cards will have to keep in mind that from July 2 the bank will introduce several important changes in relation to transactions using code cards and daily limits. To ensure gradual transition towards alternative authentication tools, the daily limit for transactions using code cards and GO3 code generators will be EUR 50 starting from July 2. Support for code cards and GO3 code generators will be discontinued on September 10.
Clients who fail to transition to new authentication tools in time will no longer be able to use Internet and mobile banking services and perform online transactions. (BNN/Business World Magazine)
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