This is so strange....my 2003 V40 has started doing the same thing today too.
Its usually down to the bonnet sensor. Spray it with WD40 and press it gently in and out.
Otherwise, disarm the alarm by pressing the ultrasonic sensor disable button on the dashboard.
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CURRENT
340, 360 GLE, 440 GLT, 440 TD, 460 CD (x2), 850 T-5 (x3), 850 TDI, V40 Sport Lux, V40 1.8 S, C70 GT 2.0T
PREVIOUS
S40 1.6 (x2); 440 1.6i
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