Starting from the new year Coop Pank stops the use of code cards

Starting from January of the new year Coop Pank stops the use of code cards in its Internet and mobile bank.

Head of e-channels of Coop Pank Helena Kokk explained, that starting from January 2019 clients of the bank will have to use one of more advanced verification options – ID-card, Mobiil-ID or Smart-ID.

She explained that disappearance of code cards is an inevitable result of development of technology, which is necessary for further improvement of Internet banking. “Such cards started to be used in Internet banks approximately 20 years ago, when no better possibilities existed. However, resulting from constant development of technology, today we can offer our clients solutions for arrangement of their finances that are much more convenient and secure than a table of codes printed on a piece of paper,” said Kokk.

Over the recent years popularity of code cards has dropped anyway – for example, only 10% of clients of Coop Pank are still using such cards. All Estonian banks decided to stop using paper code cards, and more and more banks all over the world are doing the same.