Bank of America to Launch Identity Theft Protection

27 May ’05

Bank of America is launching a new authentication service to protect its customers against phishing and other attacks that target identity theft. Quote:

Bank of America will protect 13.2 million online banking customers with a new authentication service it calls “SiteKey,” the company said in a statement.

The free service will be launched in Tennessee in June and will eventually be rolled out nationwide.

SiteKey uses a combination of an image, user-created phrase and three challenge questions to authenticate both the customer’s identity and the authenticity of Bank of America’s Web site when customers log on, Bank of America said.

The new service is intended to help protect customers from identity theft, because information that is only known to the account holder must be presented, in addition to a customer ID and password, Bank of America said.

Details on eWeek.

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