Raiffeisenbank has introduced «Verified by Visa» technology (VbV) for all Visa Classic, Visa Gold, Visa Platinum and Visa Infinite debit and credit cards, in order to improve security when its bank cards are used to pay for goods and services over the Internet. In 2008, this technology was launched by Raiffeisenbank in a pilot scheme exclusively for holders of Visa debit cards with accounts at «B» branches.
«For Raiffeisenbank, the launch of this customer-authentication project is a really important step in the improvement and development of one of the most important banking technologies, and for our customers it undoubtedly offers a superb opportunity to control the security of their transactions», commented Andrey Stepanenko, a member of the ZAO Raiffeisenbank Board and Head of its Consumer-Banking Directorate.
To enable holders of Raiffeisenbank bank cards to perform transactions using VbV technology, a password will be texted to the mobile-phone number that they gave when applying for the bank card. This password can also be obtained by telephoning the
When buying things from internet stores that support VbV technology, all Visa cardholders need to do is enter their password and confirm their transaction. The cardholder’s identity will be confirmed, and the payment transaction will be performed securely.
This service is being provided to cardholders free of charge. They are connected to the service automatically when they buy something from an Internet store that supports VbV.
ZAO Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG. Raiffeisenbank is ranking 9th in terms of assets among the Russian banks based on 3Q 2009 results (Interfax-CEA). According to Interfax-CEA, ZAO Raiffeisenbank ranked 5th in Russia in terms of private deposits and 8th in consumer lending in Russia based on 3Q 2009 results.
Raiffeisen International operates one of the largest banking networks in CEE, covering 17 markets across the region through subsidiary banks, leasing companies and a range of other financial service providers. The group’s nearly 59,000 employees service around 15 million customers via more than 3,100 business outlets. Raiffeisen International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB), which owns about 70 per cent of the common stock. The remainder is in free float, with the shares listed on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria and the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group.