Money for Security

USA Today reported on the new two-factor authentication security system Bank of America has recently introduced to their patrons. With online banking, thieves are finding it easier to steal username and passwords of bank account holders, since that's all online banking requires for people to login to their online accounts.

Bank of America introduced a "SafePass card" which is a card with an embedded button that a person must press before logging onto their bank accounts online. The button will then create a one-time use number, which will appear on the card. People logging into their accounts will have to enter their username, password and this special number digitalized by the SafePass card.

Bank of America is the first major banking company in the United States to add extra security to online banking. The bank are not making this card mandatory because it would be too costly to supply over 25 million people who bank with Bank of America to receive a SafePass.

The SafePass card is $19.95. Some say that it's worth the extra 20 dollars a month to secure thousands of dollars in a banking account. But to others, perhaps that extra 20 dollars a month just isn't affordable.

Ching