Bank of America introduces new online banking security measures

Bank of America is introducing a new security feature to its award-winning online banking service that provides customers with an extra layer of protection against unauthorized transactions.

The free service, called SafePass delivers a one-time-use six digit code as a text message to consumers’ mobile devices that they can use to authorize their most sensitive online transactions. As an additional security measure, the code expires as soon as it is used or within 10 minutes after it is issued.

SafePass is available now via mobile devices as an optional security feature to consumer and small business customers who use the bank’s Online Banking service.

The bank is also piloting a wallet-sized card that will generate a one-time code when the customer presses on a button embedded in the card. The SafePass card will be released later this year to the bank’s online brokerage clients of Banc of America Investment Services, Inc., the company’s retail brokerage affiliate, and will be required for certain online brokerage transactions. The bank plans to make the card available next year to consumer and small business customers as an optional feature that can be used in place of or in addition to the mobile phone option.