YEREVAN, February 2. / ARKA /. ACBA-CREDIT AGRICOLE BANK said today it has installed 3D Secure technology for implementation of safe online payments by Visa and MasterCard cards. According to a bank’s press release, the security system is aimed at protection of customers and boosting e-commerce.

3D Secure is designed to make online shopping transactions safer by authenticating a cardholder’s identity at the time of purchase, through the likes of Verified by Visa and MasterCard SecureCode.

A transaction using Verified by Visa or SecureCode will redirect cardholders to the website of their card-issuing bank. The cardholder may then be requested by their bank to enter a password to be authenticated by using his/her phone. If the card is not enrolled, this means that either the bank that issued the card is not yet supporting 3DSecure or it means that the card holder has not yet been registered for the service.

If the card is enrolled, the cardholder will be redirected to the 3DSecure authentication web page for the issuing bank; the card holder will then identify himself. The MPI will evaluate the reply from the bank and, if successful, allow the transaction to proceed for authorization. The transaction could still fail for lack of funds or other reasons but is more likely to be approved because of the authentication.

‘To be able to use the 3D Secure system you should make sure that your phone number is registered at the bank,’ the press release said. It said also that detailed information can be obtained by calling free number 010 318899

ACBA was established in 1996 as part of EU’s TACIS program. As a result of a long-term and mutually beneficial cooperation between ACBA Bank and the French Credit Agricole the latter became the biggest shareholder of ACBA in 2006, September. ACBA was restructured, becoming a closed joint stock company and was renamed ACBA CREDIT AGRICOLE BANK.

According to the latest data, the bank’s assets in 2014 grew by 7 percent year-on-year to 286.4 billion drams, its liabilities grew by 11 percent to 237 billion drams, while its capital fell by almost 9 percent to 49.37 billion drams. The bank closed 2014 with a loss of 4.6 billion drams against a 4.9 billion dram profit in 2013. -0-