Bank of America this morning announced the launch of a new protection service called SiteKey that helps confirm a customer's identification online.
Bank customers can sign up for the service for free. Customers pick an image, write a brief phrase and select three challenge questions. The customer and the bank can pass that information securely back and forth to confirm each other’s identity.
“SiteKey helps you know it’s us and we know it’s you,” said Sanjay Gupta, e-Commerce executive. “It’s a free, personalized partnership that builds trust and security.”
To provide the service, Bank of America partnered with PassMark Security, a Redwood City, Calif.-based company that focuses on authentication systems to fight identity theft and other types of fraud.
"Consumers want a safe online environment, but how do they know when they are safe? What is striking about the PassMark System is that it is very consumer visible, and that has to be reassuring to the bank's customers," said Bill Harris, co-founder and chairman of PassMark Security.
Bank of America, which has the most online banking customers in the country, is the first major financial services company to provide this added level of security. The Bank of America SiteKey service will launch in Tennessee in mid-June and roll out across the country by the end of the year.