Finland Tightens Online Transaction Security with Stricter ID Verification Rules

Finland’s financial sector has introduced new guidelines to enhance the security of online transactions, making it more difficult for unauthorized individuals to access sensitive information.

New Guidelines for Online Banking Codes

As part of these regulations, Finnish banks are now using online banking codes as identification tokens for e-identification purposes. To obtain one of these codes, users must enter into a contract with any of the country’s major banks and follow the instructions provided on how to use them securely.

Important Clarifications:

• Only individuals who have personally received their online banking code can use it for e-identification.
• Businesses or associations cannot issue online banking codes for e-identification purposes.
• Online banking codes must be suitable for electronic identification in various services beyond banking transactions, requiring users to ensure they are using the correct codes in other digital platforms.

Joint Bank Accounts and E-Identification

In cases where individuals hold joint bank accounts with their spouses, only the account holder can use their online banking code for e-identification purposes. The partner cannot use their own online banking code or the account holder’s code for this purpose.

Safeguarding Online Security

To prevent unauthorized access to sensitive information, Finnish authorities stress that users must:

• Safeguard their user ID, password, and banking code list from others.
• Address any issues with forgotten passwords or locked IDs directly with the bank.

Enhancing Online Security in Finland

This move is seen as a significant step in enhancing online security in Finland, providing an additional layer of protection for citizens conducting financial transactions. By implementing stricter guidelines for online transaction identity verification, Finland’s financial sector aims to create a safer digital environment for all users.