CHARLOTTE, N.C., Sept. 10 /PRNewswire/ -- Bank of America, an industry leader in secure online banking, 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(TM), 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.

Bank of America, which has the most online banking customers in the country, was the first major bank to roll out an extra level of protection for online banking when it introduced SiteKey(R) in 2005. SiteKey includes an image, a brief phrase and challenge questions that help customers confirm that they are at the legitimate bank Web site and help the bank verify the customers' identity. Customers will continue to use SiteKey in addition to SafePass.

"Combined with SiteKey, SafePass provides online customers with a much greater level of security," said Lance Drummond, e-Commerce executive for Bank of America. "As a leader in online security, we're committed to introducing features that continue to give our customers greater peace of mind when banking online."

To use SafePass, customers go to the accounts overview page within Online Banking and register their mobile device. Once registered, customers will click on a button in Online Banking to receive the six-digit code via text message on their mobile device and enter the code to complete Online Banking functions, such as:

  - Transferring money for amounts over current limits
  - Authorizing new payees in bill pay
  - Adding new accounts for online transfers
  - Signing in from a computer not recognized by SiteKey

SafePass does not require installation of software or additional hardware, providing added security without the inconvenience of another device.

In addition to SafePass and SiteKey, Bank of America provides the following security features to help ensure customers are fully protected and safe when they bank online:

  - Automatic e-alerts help customers detect potential fraud on their Bank
    of America accounts.
  - ShopSafe(R) lets Bank of America card customers create a unique,
    temporary account number for online purchases.
  - The bank's Zero Liability Guarantee protects customers from unauthorized
    transaction on their online accounts.
  - The Bank of America Toolbar, powered by EarthLink and available to
    consumers for free at bankofamerica.com, helps identify fraudulent Web
    sites and includes a pop-up blocker.
  - Up to a 50 percent discount of the full retail price on Norton Internet
    security 2007.

Online Banking from Bank of America has been rated No. 1 for customer safety features by Javelin Strategy & Research in its Identity Fraud Safety Scorecard, for the past three years.

Bank of America is the No.1 online banking site, with 22 million subscribers and 11.6 million people who pay bills online.

For more information about safety and security, go to www.bankofamerica.com.

About Online Banking

Bank of America is a leading provider of online financial services, and its online site, www.bankofamerica.com, has received widespread recognition. Bank of America has the most online bankers in the world, according to Financial Insights. The site is among the top 50 of all U.S.-based Internet properties in terms of unique visitors monthly, and No. 1 among business and finance sites, according to comScore Media Metrix. Bank of America has ranked No.1 in Javelin Strategy & Research's safety scorecard three years in a row. BusinessWeek called the SiteKey(TM) security service one of the best products of 2005. Bank of America won the Webby Award in 2006 and the Webby People's Choice Award in 2006 and 2007 in the online banking/bill pay category. Global Finance magazine named bankofamerica.com the best consumer online banking site in the U.S. and ranked the bank No. 1 for its bill payment and presentment and online consumer credit sites. In 2006, Nielsen/NetRatings said Bank of America is the top online full-service bank destination in terms of audience, page views and active reach on the site.

About Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving 57 million consumer and small business relationships with more than 5,700 retail banking offices, more than 17,000 ATMs and award-winning online banking with more than 22 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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Source: Bank of America

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