The new protection service, called SiteKey, is the latest step in the fight against fraud and identity theft in online transactions.
Online customers pick one of thousands of images, 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 therefore adds another level of security because both the customer and the bank have to confirm each other’s 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.
Sanjay Gupta, e-Commerce executive, said, SiteKey helps you know it’s us and we know it’s you, and it’s a free way to increase your online security, and it’s easy because you don’t need extra hardware or other equipment.
The service was announced in May and is being rolled out across the country throughout this year. It will be made available in five US states, including Texas, Arizona, Nevada, Oregon and New Mexico.
