The Bank of Khanty-Mansiysk, one of top 30 Russian banks, and OpenWay, the international vendor of WAY4 payment processing solutions, have launched a new service based on the MasterCard Mobile Authentication (MMA) technology.
By subscribing to this service, the bank customers may use their mobile phone to generate one-time passwords for secure web-banking and e-commerce.
А WAY4 MMA calculator is a mobile application loaded to a cell phone. The calculator generates and displays one-time passwords. Such password lets the client access his sensitive data on the bank website. Once used, the password is no more valid, so fraudsters can't benefit from stealing it.
"Internet fraud continues to increase nowadays, and web-banking requires enhanced protection. One-time passwords are more effective than the static ones.
However, most security devices - special tokens, calculators - are too complicated for clients and costly for banks. There are also OTP-sms and OTP-cards - but they are not secure enough. Take a regular cell phone, add WAY4 MMA - and you have both simple, efficient and secure way to authenticate your customers", explains Kirill Bulgakov, Deputy Director, OpenWay Russia.
"The MasterCard Mobile Authentication technology is already popular across the world. Today I congratulate our partners who brought secure and handy MMA-based solutions to MasterCard cardholders in Russia", adds Andrey Tarusov, Vice President, MasterCard Europe.