New security system
Landsbankinn's new security system for personal online banking maximises user security, renders the authentication token unnecessary and makes online banking more convenient while reducing the risk of fraud and other misuse.
The most significant change is that the authentication token will no longer be required when logging in to personal online banking and making transactions online.
Instead, the token is replaced with a system that learns to recognise user behaviour and asks the user to confirm his/her identity by e.g. answering a security question or with a telephone call from the system when the user deviates from his/her normal behaviour.
In general, the user will not be aware of the system's workings.
While Landsbankinn is the first bank in the Nordic region to adopt this solution, there are over 6000 banks across the world with over 350 million users who have already adopted the system.
Next generation of online security
Questions and answers
- Why has the online banking service changed?
We have implemented new security features to make online banking as secure as possible. The online banking service will mostly remain unchanged, except for the added security features, which work in the background to protect your access to the bank. With the new security features you may, on occasion, be requested to confirm your identity before being allowed to continue. This means that you can use the online banking service with greater security.
- What new security system is this?
As a customer of the Bank, we know your typical online behaviour as you conduct your banking business, i.e. the type of transfers you make, when and from where. If we encounter conduct that does not match your typical online behaviour, we will ask you to identify yourself so that we can be sure that it is you and not someone else, trying to log on to the online banking service. This will only occur on certain occasions. Generally speaking, there will be no requests for further information. We could, for example, request confirmation that it is actually you and not someone else, if someone is trying to log in with your username and password from a computer in another country a short while after your have logged off from a computer that you normally use at home.
- When will I get access to the new security system?
You can expect to receive a request for additional information from the online banking service in the near future. This may include a request to select a number of security questions that only you can answer, as well as providing phone numbers you can be reached at when you are using the online banking service. Once this has been done, a new safety valve will have been added to your online banking.
- How much does it cost?
The new security system comes free of charge.
- When will further information be requested?
Additional information will only be requested when certain actions or transfers seem unusual or do not match your usual online banking behaviour. You will also be asked to enter your information when you are first requested to submit your security data.
- What kind of additional information will be requested?
If we detect behaviour that is unusual or atypical, you will be asked to answer an automated phone call. You may also be asked to answer some security questions you have chosen.
- What kind of behaviour is considered to be unusual or atypical?
Behaviour is considered to be unusual or atypical if some aspects of it do not seem to correspond to the manner and location from which you normally conduct your online banking. If the requested action does not seem to be typical of you, you will be asked for more detailed information to confirm that it is you and not someone else trying to gain unauthorised access to your online banking service.
- How does the Bank detect behaviour that is unusual or atypical?
The security system considers factors such as the type of transactions you ordinarily perform, the computers you typically use to access your account, and the typical security settings for your computer. Hundreds of factors of this kind are used to create a unique profile that enables us to determine whether the person using your online banking service is actually you.
- Will I be asked for more detailed information after this?
No, only when the Bank encounters unusual usage or behaviour that is not characteristic of you. This is only likely to happen very rarely.
- How do I know it is working?
You only have to set up the security system once, after which it will work automatically. But this will provide you with permanent protection, both when you are logged in to the online banking service and – more important still – when you are not using the online banking service.
- Will my personal information nevertheless remain secure?
Yes. Your personal information will be safer than before because we ensure that no unauthorised person gains access to your data.
- How will my phone numbers be used?
If the system detects behaviour that is unusual or atypical, you may be asked to answer an automated phone call. When you answer the phone, you will be asked to enter the code that appears on the computer screen to identify yourself. The phone numbers will not be sold to third parties, nor will they be used to contact you with offers and promotions.
- How many phone numbers do I have to provide?
At least one phone number needs to be provided, although we recommend you provide up to three numbers. If we need to identify you, you may receive a phone call to one of the phone numbers you have provided. It is important to provide phone numbers you can be reached at while you are using the online banking service. If you access the online banking service from work, for example, you should provide your work number or mobile number so that you can be reached there. This ensures that you can continue to use the online banking service without any inconvenience.
- What if I have to change phone numbers?
If you need to change a phone number you can either change it in your settings for the online banking service or contact the Bank’s service desk. When you use the online banking service you may sometimes be asked to confirm that your information is correct.
- What if it is not possible to reach me at any of the phone numbers I provided?
If you cannot be reached at any of the phone numbers you have provided, you should contact the Bank’s service desk.
- I have already provided a phone number I can be reached at, why am I being asked to provide a number again?
Occasionally, we may ask you to confirm that the information we have is correct, in order to maximise your security and comfort in using Landsbankinn’s online banking services.
- How does this prevent fraud?
If your username and password is stolen, the thief will have to answer your security questions correctly or answer the phone at one of the numbers you have previously provided before he/she can gain access to your online bank account or complete a fraudulent transaction. If the user is unable to provide the information or cannot be reached on the phone, he/she will be locked out of the system. With these additions, we maximise the security of your online banking usage, and at the same time, give you a more comfortable experience.
- I often use the online banking service, would I notice it if something unusual were going on?
It is very good that you often log in to the online banking service. It is always sensible to regularly check whether unusual transfers appear in your online bank account (such as payments that you did not make). This security service helps to prevent any incident of this kind ever occurring and to ensure that everything is as it should be when you check your balance.
- I already have anti-virus software and a private firewall. Why do I need this?
It is good that you are using anti-virus software and a private firewall. Ensure that the software you use is always up to date to provide you with the best possible protection against viruses, Trojan horses and computer hackers. These new security features protect you against other kinds of threats, such as the theft of your username and password. It works with your other personal security software, but it does not replace it.