More Secure By Mobile
Banks are always looking for ways to help customers to secure their online banking and financial transactions. It all started with special codes and passwords and have moved on to devices like digital password generators, chip and pin cards and more. A few years ago Bank of America had introduced SiteKey. A simple way to thwart pishers. With SiteKey, BoA gave users the option of uploading an image of their choice onto the login page. Once established, this image it would show up every time users logged onto the BoA online banking section giving them a feeling of reassurance that they are going to the Bank’s site and not to a fake site someone has set up site. While this kind of an idea needs users to go out and put up their own images, which very few people actually do, the bank has now gone in for another level of security by introducing a two factor authentication system called SafePass. The service sends customers a six digit password on to their mobile phones, every time they have to conduct an online financial transaction. To use the service customers must register their mobile phone on the accounts overview page on the bank’s Web site. Registered customers will receive a single-use six digit code in a SMS text message, which expires as soon as it is used or within ten minutes of being issued. Read more from Finextra.