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Luminor Bank in Riga.
Photo: SCANPIX / REUTERS / Ints Kalniņš / LETA
As of July 2, 2019, Luminor will begin to limit payments made using Internet banking code cards or the GO3 code generator, the "LA.lv" portal discovered at Luminor Bank.
As the code cards will be valid until September 10 this year, customers will gradually be able to get used to safer authentication methods.
The changes are introduced due to the stricter requirements of the European Union (EU) for digital authentication of customers to protect them from fraud.
In order to simplify as much as possible the transition to new authentication tools, customers are welcome to log in to the free Smart-ID application on time.
The EU regulation on secure online payments came into force and the requirements applicable to all banks in Latvia were also applicable. In order to improve online authentication of customers and payment security, Luminor plans to phase out authentication with code cards and the GO3 code generator.
Experts point out that code cards are now considered an obsolete solution that is no longer able to provide the level of security required in today's environment. As a result, a gradual transition from conventional code cards to more secure authentication solutions has been launched.
Authentication with a code card has been used almost since the beginning of internet banking in Latvia, but its disadvantage is that the codes are constant, non-dynamic and may be available to others because they are printed on the card.
"We have been using code cards for decades, but the digital and technological world is changing rapidly and no longer meets current requirements. As a result, we are replacing code cards with modern solutions that comply with today's safety standards. We invite our customers to choose another payment authentication tool: the Smart-ID mobile application, whose main benefit is ease of use, easy and fast use, emphasizes Kerli Gabrilovich, head of Luminor Latvia.
Smart-ID is a free application for smartphones and tablets (Android, iOS) that provides secure and easy access to online banking, mobile banking and online payments, providing reliable authentication.
It can be downloaded at any time. You do not need to go to the customer service center of the bank to do it. Customers using this application should no longer use code cards because payments can be verified using a smartphone.
If the customer does not have a smartphone or he decides not to use the Smart-ID app, authentication is also possible with a code calculator that can be purchased at service centers at Luminor's customer base.
Customers who still use code cards must determine the number of significant changes to the transfer and daily limits that will take effect July 2.
To ensure the gradual transition of customers to alternative authentication tools, the daily limit for payments made from 2 July of this year to code cards and GO3 code generators will be reduced to EUR 50.
But as of September 10, 2019, the current authentication types with the code cards and the GO3 code generator will stop working.
Customers who do not change their authentication tools in time will not be able to access their Internet or mobile bank, sign payment orders or make online card payments at points of sale participating in the security program. international Verified by Visa (approved by VISA).
During the transition period, Luminor customers will receive individual information and support for the selection of the most appropriate type of authentication.
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