The new service 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.
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 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.
To use SafePass, customers go to the accounts overview page within Online Banking and register their mobile device. Once registered, customers will click on a button in online banking to receive the six-digit code via text message on their mobile device and enter the code to complete functions.
Lance Drummond, e-Commerce executive for Bank of America, said: 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.
