Mobile Phones Help Secure Online Banking

Bank of America customers can now ad an extra level of security to transactions.  The new SafePass system, which uses VeriSign authentication technology, sends a six-digit code to the customers mobile phone.  The code can be used only once and expires after 10 minutes, making it harder for criminals to access accounts.

SafePass (which is optional for customers) works in conjunction with the banks siteKey anti-phishing technology.  E-Trade, Charles Schwab and PayPal have deployed similar “two factor” authentication systems. By requiring a code number in addition to the password, these systems make fraud harder, but not impossible.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s