New Security Feature Introduces Digital Authentication for Online Banking
Bank of America announced today it would begin implementing Intel®Online Connect technology into its online banking platform, giving customers added security when they bank online. The two companies will jointly preview the technology at this week’s Money20/20 conference in Las Vegas.
Bank of America plans to incorporate the security feature into its online banking authentication process in 2018, and will be the first financial services company to offer the technology to customers.
“As online and mobile banking usage continues to grow, we’re focused on implementing the latest technologies that will give our customers the best possible user experience,” said Michelle Moore, head of Digital Banking at Bank of America. “Biometrics can help us achieve that goal, and we’re excited to work with Intel to bring added convenience to our more than 34 million digital banking customers.”
The new solution combines Intel® Online Connect and Intel® Software Guard Extensions (Intel® SGX) technology, available on 7th and 8th Generation Intel® CoreTM processors, with Bank of America's authentication ecosystem to provide an effortless experience that improves security over passwords.
“Intel continues to drive innovation to simplify and secure the personal computing experience,” said Rick Echevarria, vice president of the Software and Services Group and general manager of the Platforms Security Division at Intel. “We are excited about the close collaboration between Intel and Bank of America using the latest Intel Core processors to bring biometric authentication to online banking for PC users.”
Intel® Online Connect technology requires biometric data and is stored only on the user’s device and not on a public server or cloud, providing an additional level of protection for our customers.
Bank of America is one of the world's leading 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 approximately 47 million consumer and small business relationships with approximately 4,500 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 34 million active users, including approximately 24 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Reporters may contact:
Betty Riess, Bank of America