Now there will be bitcoin and black market stops for many Norwegian bank customers.
– It is currently not possible to use the credit card for gambling, and now we are introducing similar security routines for transactions for cryptocurrency and the black market, says Eirin Sørensen Røkke, communications manager at Sparebank 1 SMN, on behalf of Sparebank 1 Kreditt, to Nettavisen.
She says that the background is a recommendation from a professional committee in Finans Norge.
Recently, all Sparebank 1 customers, who have credit cards in the same bank, received a message in the online bank informing them of the new rules, which will take effect on 1 November this year. The message stated, among other things, the following:
«The payment card (including the card number) shall not be used for the purchase of investment services (eg shares, binary options and other derivatives), digital currencies that are not regulated by public authorities, the purchase and / or sale of tickets to events where the sale is made at a higher price than face value. ticket price incl. fee, cf. section 1 of the Black Stock Exchange Act.»
In practice, the new rules will mean that customers can no longer buy and sell bitcoin, or other virtual currency or investment services with the master card.
– The credit card is not intended to be a means of payment for financial speculation, and to impose restrictions on use for this is in our opinion to take social responsibility, she says.
Buying tickets for concerts or other events where the seller charges a higher price than the regular price will also be difficult according to the new rules, if you want to use your credit card.
The new rules affect approximately 650,000 Norwegians, which is the number who have a credit card from Sparebank 1.
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Will prevent fraud
Røkke says that many people cheat when they use credit cards to buy various digital currencies or trade on the black market.
– We therefore take ongoing action to prevent this, she says.
When you look at all use of credit cards as a whole, however, the bank’s own figures show that purchases of digital currencies with credit cards are low, says Røkke.
She believes that there is a great deal of risk associated with using credit cards in repeated and increasing investments in digital currency.
– In the same way as online gambling, this is one of several areas where we, and many other finance companies, take a position to avoid our customers being exposed to fraud and loss, she says.
When asked how they will enforce the new regulations, and what new measures they will take, Røkke answers that there is a comprehensive collaboration around the fight against economic crime, which also includes fraud in connection with the purchase of cryptocurrencies and tickets.
– It would not be right of us to explain in detail how we cooperate with the police authorities nationally and the payment networks internationally to fight economic crime, but what we can say is that we take our social responsibility seriously and that this is part of it, she says.
Sparebank 1 admits that there is no guarantee of stopping all forms of illegal trading. But Røkke emphasizes that most people are well aware that it is illegal to trade on the black market with both credit cards or other means of payment.
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Buy-and-sell rules
Geir Petter Gjefsen, head of consumer safety at Finn.no, says that concert tickets that are considered to have a high risk of fraud, and / or a large scope of the black market, are not allowed to be sold on Finn.no. There are also no tickets that are sold at a higher price than the regular price.
– These rules have been in place for many years, the first point is intended for the events that are sold out “immediately”, and the second point applies to all cultural events, he says.
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Gjefsen points out that this is also stated in the Black Stock Exchange Act.
– We do not want anything illegal to happen in connection with buying and selling on FINN, and therefore we do not allow tickets to be sold at a higher than face value. Otherwise, we can say that we think it is good that Sparebank 1 gets this rule in place. It helps to counteract crime, he says.
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