Bank technology

B of A in Web Phone Password Banking

Published September 11, 2007, 1:00 a.m. EDT

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Updated September 10, 2007, 7:06 p.m. EDT

1 Min Read

Bank of America Corp. is issuing one-time passwords for online banking through cell phones and will begin issuing password-generating cards by yearend.

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The Charlotte company said Monday that it now lets consumer and small-business customers enroll in the cell phone service, called SafePass, to authorize sensitive online transactions. The codes are sent as text messages and expire when used or, if unused, within 10 minutes of being sent.

The company said it is testing a similar service in which codes could be generated by wallet-sized plastic cards. The card is to be issued this year to customers of its brokerage, Banc of America Investment Services Inc., and will be made available next year to consumer and small-business customers.

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Bank technology

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