VeriSign's Unified Authentication software will be used to protect online business-banking services.
Bank of America has tapped VeriSign Inc.'s Unified Authentication encryption software to safeguard applications used by business customers to access online banking services. The system employs two-factor authentication, a method that requires two forms of ID, such as a password, token, or smart card, in order to gain access to online services.
Earlier this month, a businessman sued Bank of America, claiming that $90,000 was stolen from his account last year and diverted to a bank in Latvia. He claims the bank was negligent in not alerting him about the existence of "coreflood," a form of Trojan-horse software that was found to have infected his computer.
Several months after the alleged theft, the bank sent a letter to users of Bank of America Direct, its online business-banking portal, alerting them to a new "dual administration" feature requiring the approval of at least two individuals to execute a funds transfer. The letter also recommended that clients install antivirus software.
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