Bank of America Launch SiteKey

Thursday 26 May 2005 22:35 CET | News

Bank of Americas 13.2 million online banking customers will have a new way to reduce fraud and identity theft with the launch of an industry-leading protection service that helps confirm a customers identification.

Customers can sign up for the service, called SiteKey, 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 others identity. 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 service will launch in Tennessee in mid-June and roll out across the country by the end of the year. Using SiteKey is like getting a safe deposit box that takes two keys to open. Before the customer and the bank agree to open the box together, they confirm each others identity. Signing up for SiteKey takes just a few minutes. The image, personal phrase and challenge questions work together to help: - Protect accounts. Someone trying to access an account from an unrecognized computer must answer a challenge question correctly. So even if a customers ID and passcode have been stolen through spyware or a phony Web site, the thief still would have to answer a challenge question to get access to the account. - Confirm the Web sites validity. When customers log in to Online Banking at , they can click on the SiteKey button to see their secret image and phrase. If the image and phrase dont appear, the customer could be at a fraudulent site. This capability targets a fraud called spoofing, and will help ensure customers are not fooled by fake versions of Customers can increase their security by using online banking features such as receiving and paying bills online, and viewing checks and statements online. Those services, which are free at Bank of America, eliminate risks associated with sending items through the mail. Customers who use online banking also can detect fraud earlier by reviewing their account activity regularly, rather than waiting for a monthly statement in the mail. Javelin found that people who discover fraud by monitoring their accounts online have only 12 percent of the financial impact compared to those who detect fraud offline. Bank of America offers a guarantee that protects customers against unauthorized transactions.

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Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech