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.