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Bank of America’s online banking
customers are breathing easier thanks to an industry-leading
security feature called SiteKey.™
The New York Times, The Washington Post
and dozens of other media outlets reported
on SiteKey as a leading solution in the fight against
online fraud, with BusinessWeek naming it one of the best products of 2005—a year in which phishing, pharming and other forms of online financial fraud hit record numbers. Javelin Strategy and Research ranked Bank of America best overall in its Online Banking Safety Scorecard as well as No. 1 for prevention and resolution of identity theft.
The SiteKey security feature is the latest benefit of what has been widely recognized as the top online banking
service. It is just one example of our discipline and effectiveness in managing risk for customers and shareholders.
Maintaining customer confidence in e-commerce is a top priority. Online customers generally keep higher
balances and are more likely to stay with Bank of America. In 2005, the number of online banking subscribers grew from 12.4 million to 14.7 million, making it one of our
fastest-growing sales and service channels and a critical element of our broader growth strategy.
We pulled together a cross-functional team of our best minds to combat online financial fraud. The team first focused on phishing, in which consumers are duped into revealing personal financial information through spam
e-mail that directs them to fake Web sites. The second area of focus was pharming, in which consumers’ attempts to reach legitimate Web sites are redirected without their knowledge to look-alike sites, where they may unwittingly provide fraudsters with personal information.
The free SiteKey feature defeats these types of fraud by providing an additional layer of authentication that is
personal and convenient. At most Web sites, customers prove their identity only by providing a username and password and often can’t confirm that the site is legitimate.
The SiteKey security feature, however, provides two-way
confirmation. Customers sign up by picking an image, writing a unique phrase and answering three challenge questions. From then on, signing in takes only a few easy steps: the customer types the username,
Bank of America shows the customer’s specified image and phrase to confirm the customer reached bankofamerica.com,
and then the customer knows it’s safe to enter his or her
secret code. If our system identifies something unusual, for example that the customer is using a different computer,
we ask a challenge question for further confirmation.
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Named one of the best products in 2005 by BusinessWeek, SiteKey provides customers with peace of mind when banking online.
After the SiteKey feature debuted in 2005, ahead of the Federal Financial Institutions Examination Council’s announcement of recommendations for online authentication, industry watchers such as the Tower Group praised us for our proactive steps in enhancing security, calling the
advancement a “watershed” and “unique.”
In addition to SiteKey confirmation, we’ve launched an online toolbar with EarthLink Inc. that alerts consumers to potentially dangerous Web sites, including those used by phishers. We’ve also enhanced our privacy and security Web site to inform customers about our initiatives to protect them and let them know what they can do to protect themselves.
Our online fraud detection and resolution teams avoided millions of dollars in losses during the year, and we
continue to look for ways to enhance security and share proven solutions across our businesses. 
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