Bank of America Introduces Stronger Two-Factor Authentication
Bank of America has announced a new security feature for its online banking service called SafePass™ that the bank says "provides customers with an extra layer of protection against unauthorized transactions." According to the bank, "SafePass delivers a one-time-use six digit code as a text message to consumers' mobile devices that they can use to authorize their most sensitive online transactions. As an additional security measure, the code expires as soon as it is used or within 10 minutes after it is issued."
SafePass is available now via mobile devices as an optional security feature to consumer and small business customers who use the bank's Online Banking service.
The bank is also piloting a wallet-sized card that will generate a one-time code when the customer presses on a button embedded in the card. The SafePass card will be released later this year to the bank's online brokerage clients of Banc of America Investment Services, Inc., the company's retail brokerage affiliate, and will be required for certain online brokerage transactions. The bank plans to make the card available next year to consumer and small business customers as an optional feature that can be used in place of or in addition to the mobile phone option.
"Combined with SiteKey, SafePass provides online customers with a much greater level of security," said Lance Drummond, e-Commerce executive for Bank of America. "As a leader in online security, we're committed to introducing features that continue to give our customers greater peace of mind when banking online."
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