Thousands in Russia to benefit from online security boost

Uralindbank has made it safer for its customers to shop online. Customers of the Russian bank will now benefit from a more frictionless and secure experience, after it went live with MirAccept 2.1 – a secure e-commerce authentication service for cards from the Russian payment system, MIR.

The MirAccept service reduces the likelihood of online fraud by offering an additional layer of cardholder verification for e-commerce transactions. By incorporating MirAccept 2.1, which has been designed to deliver a smoother user experience than its predecessor, Uralindbank customers no longer have to remember a static password or input personal data for verification, instead they are sent a one-time password via SMS to enter online during the checkout process.

“With e-commerce expected to reach 1.4 trillion roubles in Russia by the end of 2019, keeping our customers secure online is a must,” said Mikhail Parfentiev, Chair of the Board at Uralindbank. “The upgrade to the MirAccept 2.1 support service, using Access Control Server (ACS) processing from Compass Plus, not only adds security, but it also removes many of the pain points associated with online transactions, making them more straightforward.”

Uralindbank, which has been certified as a MIR Associate Bank, outsources its processing services to Compass Plus Processing Centre – providing a complete service for the thousands of cards in circulation in addition to the bank’s ATM and POS terminal network in the Ural Federal District.

“With the number of online transactions increasing faster than ever, the need for additional layers of security to protect cardholders at every step is essential,” said Alexey Osipov, EVP at Compass Plus. “We were one of the first vendors to support the MirAccept service, including version 2.0, and we are always looking for innovative ways to be able to help our customers speed up and enhance the online payment process for their customers, without compromising on security in any way.”