18 February 2018
visit www.ebaday.com

Bank of America makes two factor authentication compulsory

04 November 2005  |  12310 views  |  0 Bank of America Sign

Bank of America is making its SiteKey two factor authentication service a compulsory part of sign-in for its 14.5 million Internet banking customers.

BoA launched the free SiteKey service - which is based on technology from PassMark Security - in June this year. Customers signing up to the free service are asked to select a Passmark - a small image and a brief phrase - and three challenge questions. This information is then requested whenever the customer logs in to access an online account.

SiteKey was orginally an optional service but BoA will now make it a mandatory part of its Web banking system in the US states where it is available. Customers will be told about the change via onscreen messages in advance.

Sanjay Gupta, e-commerce executive, Bank of America, says: "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."

So far SiteKey has been rolled out to Web banking customers in 19 states and will be introduced in California this month. The bank had originally said that SiteKey would be installed across the US by the end of the year, but the deployment is now expected to be completed in early 2006, several months later than planned.

Last month the US Federal Financial Institutions Examination Council (FFIEC) set an end-2006 deadline for the banking industry to introduce multi-factor authentication for high risk Internet transactions.

The banking regulator issued new guidance on the risk management controls necessary to authenticate the identity of customers accessing online financial services, and stated that US banks will be expected to comply with the rules - which includes the introduction of multi-factor authentication - by the end of next year.

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

US banks given authentication deadline

US banks given authentication deadline

13 October 2005  |  13217 views  |  0 comments
Scottrade to introduce PassMark two-factor authentication

Scottrade to introduce PassMark two-factor authentication

11 October 2005  |  11110 views  |  0 comments
Bank of America introduces 'electronic change jar'

Bank of America introduces 'electronic change jar'

06 October 2005  |  6852 views  |  0 comments
Yodlee adds PassMark two-factor authentication to aggregation services

Yodlee adds PassMark two-factor authentication to aggregation services

08 June 2005  |  10109 views  |  0 comments
Bank of America to introduce PassMark authentication technology

Bank of America to introduce PassMark authentication technology

26 May 2005  |  12102 views  |  0 comments
PassMark releases two-factor online authentication system in the UK

PassMark releases two-factor online authentication system in the UK

19 April 2005  |  6492 views  |  0 comments
PassMark Security raises $7.7m in series B financing

PassMark Security raises $7.7m in series B financing

14 April 2005  |  6409 views  |  0 comments
E*Trade Financial to introduce two-factor authentication

E*Trade Financial to introduce two-factor authentication

01 March 2005  |  7569 views  |  0 comments
Bank of America on ID theft alert after computer tapes go missing

Bank of America on ID theft alert after computer tapes go missing

28 February 2005  |  12030 views  |  0 comments | 1 tweets
Bank of America moves to two-factor authentication

Bank of America moves to two-factor authentication

17 February 2005  |  16002 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comvisit www.nextgenbanking.co.ukVisit www.vasco.com

Who is commenting?

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
10722 views comments | 16 tweets | 11 linkedin
Aussie real-time payments platform goes liveAussie real-time payments platform goes li...
8401 views comments | 15 tweets | 41 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
8099 views 10 comments | 21 tweets | 26 linkedin
hands typing furiouslyHow can Blockchain Help with AML KYC
7833 views 3 | 9 tweets | 4 linkedin

Featured job

to £100K base, double OTE, benefits
London, UK

Find your next job