25 March 2017
Visit EBAday.com

Bank of America moves to two-factor authentication

17 February 2005  |  15716 views  |  0 Bank of America Sign

Bank of America is working with digital security firm VeriSign to introduce strong two-factor authentication across its network.

The west coast bank is to use the VeriSign Unified Authentication platform to issue tokens for secure communications and transactions across the enterprise. The first tokens will be used for internal applications and corporate clients with particular security requirements.

The VeriSign platform provides a mechanism for managing all types of two-factor authentication credentials, including tokens and smartcards, and is designed to sit within an organisation's existing directory and identity management architecture.

Rhonda MacLean, corporate information security executive at Bank of America, says VeriSign's commitment to open standards was key to the deal, giving the bank the flexibility to keep improving security in the future.

"The financial services industry is moving quickly towards strong authentication," says MacLean. "Strong, two-factor authentication will clearly be an increasingly important component of our security strategy, and we believe open standards will create the co-operation and strong partnerships we need to protect our networks and information today - and tomorrow."

Bank of America is currently embroiled in a legal challenge from a Miami businessman over $90,000 he says was stolen from his online banking account by Latvian cybercriminals. He says the thieves authorised a wire transfer out of his account using access credentials sniffed out by a Trojan keylogging device on his infected PC.

The case highlights growing consumer concerns over the security of online business. A recent consumer study conducted by RSA Security found that 53% of respondents have little faith in traditional user ID/password security schemes. In fact, 21% of respondents refused to conduct business online with their financial institutions due to security fears.

RSA released the results as it announced plans to introduce a pilot consumer authentication service in the second half of 2005 that it will run on behalf of enterprise clients. Initially, the service will support various form factors for RSA's one-time password (OTP) technology, such as SecurID tokens and smart cards. The vendor - which pre-announced the initiative in an effort to pick up on US bank interest in two-factor authentication - has yet to explain how the service will interoperate with competing managed service offerings.

In December, The Federal Deposit Insurance Corporation urged US banks to abandon single password-based ID systems in favour of two-factor authentication following a sharp rise in 'account hijacking' ID theft.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Vasco Q4 profit falls short of expectations

Vasco Q4 profit falls short of expectations

16 February 2005  |  3825 views  |  0 comments
Bank of America faces landmark online fraud case

Bank of America faces landmark online fraud case

07 February 2005  |  19194 views  |  0 comments
Stanford Federal Credit Union signs for PassMark authentication system

Stanford Federal Credit Union signs for PassMark authentication system

04 February 2005  |  6299 views  |  0 comments
Web security fears hinder move to online banking - BT

Web security fears hinder move to online banking - BT

11 January 2005  |  8176 views  |  0 comments
Visa explores compulsory VbV registration

Visa explores compulsory VbV registration

07 January 2005  |  6499 views  |  0 comments
ActivCard acquires Aspace

ActivCard acquires Aspace

04 January 2005  |  4507 views  |  0 comments
Vasco bullish on prospects for 2005

Vasco bullish on prospects for 2005

17 December 2004  |  4170 views  |  0 comments
US regulator urges banks to upgrade Internet security

US regulator urges banks to upgrade Internet security

15 December 2004  |  7974 views  |  0 comments
RSA signs Commerce Bank for two-factor authentication

RSA signs Commerce Bank for two-factor authentication

14 December 2004  |  4921 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit abe-eba.euVisit capgemini.com

Top topics

Most viewed Most shared
French retailer Carrefour launches online bank accountFrench retailer Carrefour launches online...
57098 views comments | 15 tweets | 35 linkedin
Can banks really win in the payments business of the future? – new Finextra reportCan banks really win in the payments busin...
8495 views comments | 23 tweets | 37 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
8334 views comments | 42 tweets | 25 linkedin
Westpac wants to take over your messaging keyboardWestpac wants to take over your messaging...
7063 views comments | 4 tweets | 10 linkedin
SecureKey taps IBM to put identity on the blockchainSecureKey taps IBM to put identity on the...
6942 views comments | 22 tweets | 15 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job