Swedbank has announced that it will stop issuing password cards to its customers starting from February 2018.
Currently, approximately 230,000 Swedbank clients use password cards for authentication in online or mobile banking, a decreasing number caused generally by the emergence of other more secure means of using banking and other online services such as Smart-ID, ID cards, Mobile-ID or PIN calculators.
For Swedbank, Smart-ID, a free service which has proven its popularity among smartphone users, is in use by more than 140,000 people. For older clients and those who do not have smartphones, PIN calculator that automatically generates single-use passwords is suggested by the bank’s officials.
Swedbank customers who have already been issued password cards may continue to use them for transactions of up to EUR 200 per day until February 2019.