Extending its bid to protect online banking customers from identity fraud, Bank of America has confirmed that an online banking security feature helping prevent fraud and identity theft has been expanded to the north-east of the US.
SiteKey, a free service, is designed to confirm the website’s validity and protect customer accounts through an extra level of authentication. Customers pick one of thousands of images, write a brief phrase and select three challenge questions. The customer and the bank pass that information securely back and forth to confirm each other’s identity.
Bank of America says it has the most online banking customers in the world, with 14.6 million subscribers and 7.2 million online bill-payers. Bank of America customers make up more than 34% of all online bankers and more than 58% of online banking bill-payers in the US.
The bank is claiming it has been recognized by industry experts as the first major financial services company to provide this added level of security.
Sanjay Gupta, e-Commerce executive for Bank of America, said, We’re the first major bank to offer this extra level of protection and we’re making it a standard part of signing-in to help protect all of our online banking customers from fraud and identity theft. Signing up for SiteKey only takes a few minutes, and it’s easy to use because you don’t need extra hardware or other equipment.
The most recent states to receive SiteKey were Connecticut, Massachusetts, Maine, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. SiteKey is now available throughout the country, except in Washington and Idaho, where it will launch later this year.