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Russia-based Bank of Khanty-Mansiysk said Monday it has launced a service that enables customers to use one-time passwords and mobile phones to better secure Web-banking and electronic-commerce transactions. The service relies on mobile authentication technology from MasterCard Worldwide, the bank says in a statement. Belgium-based processsing software vendor OpenWay Group also provided technology for the scheme. Customers who subscribe to the service use an OpenWay mobile-phone application to generate one-time passwords that are entered when accessing Web banking sites. Fraudsters who might steal the password could not use it because it would have expired after the first use, the bank says.
