Banks to improve security for online banking

While not being a customer of Bank of America (BofA), I am pleased to see that they will be introducing a security feature to protect its online customers from unauthorized transactions – hopefully other American and Canadian financial institutions will also follow their lead and beef up their online banking access to include two-factor authentication. BoA’s service, which will be available at no charge, will be called SafePass. It works by delivering a one-time-use, six-digit code as a text message to customers’ mobile devices that they can use to authorize online transactions.

BoA’s SiteKey security feature, which includes an image, a brief phrase and questions that allow customers to confirm they are at the legitimate bank Web site will continue to be available.