Electronic ID

What forms does it come in?

• On your phone's SIM card. You confirm a login with a PIN when a request arrives on your phone.
• In the Auðkenni app (Auðkennisappið). The app was released in 2021 and isn't tied to a SIM card.
• On an Auðkenni card. A card read with a card reader attached to a computer.

Electronic ID and crypto

Crypto-asset service providers must verify who their customers are. That check is called know your customerKnow your customer (KYC)A legally required check in which a company confirms who its customer is and what the business relationship is for, including with ID. and is part of anti-money launderingAnti-money laundering (AML)Rules and measures meant to stop the financial system, including crypto, from being used for money laundering or terrorist financing. rules. In Iceland it is usually done with electronic ID, and at Myntkaup you sign up with electronic ID or the Auðkenni app.

How do you protect it?

Electronic ID opens many doors, so scammers often try to get people to approve a login they started themselves, for example through PhishingPhishingA scam where criminals pretend to be a trusted company or authority to get you to hand over passwords, card details or your seed phrase. or in a phone call. Auðkenni advises:

• A login should always start with you. Never approve a request you don't recognise.
• Compare the text or number sequence shown by the service with the one in the authentication request before you enter your PIN.
• Only you should know your PINs. Don't use the same PIN as elsewhere.

The police remind people that you never need to approve an electronic ID request to receive a payment. If you lose your phone, or suspect someone knows your PIN, you can revoke the ID on Auðkenni's My Pages (Mínar síður).