Bank of America has announced that they are replacing SafePass with the new Secured Transfer feature, which allows for USB security key registration and transfer authentication with FIDO security keys. SafePass has long been Bank of America’s solution to provide an additional layer of security against unauthorized transactions. However, SafePass only allows customers to use mobile authentication with a one-time code.
Many Bank of America online banking users that have a YubiKey, can now register their security key for account sign-in two-factor authentication (2FA) as well as setting up the Secured Transfer feature to add an extra layer of physical security to their online account. If you are a Bank of America customer and do not have a YubiKey, you should consider increasing your security posture with a YubiKey.
To set up your YubiKey for Secured Transfer and online banking log-in to your online Bank of America account, go to “Profile & Settings” in the top right corner, and under “Security settings” click on “Manage SafePass”, there you should see the option to add a USB Security Key.
When touched, the YubiKey executes a public key cryptographic exchange with the bank’s online service that verifies that you are in possession of the security key thus allowing for secure sign-in and the bank transfer to occur. If your password login credentials are stolen or compromised, you will still be protected because a physical YubiKey is required for 2FA. Furthermore, once your YubiKey is linked to your account, it also serves as step-up security for adding transfer recipients to your account.
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Bank of America has a longstanding history in the support of authentication for the online banking experience. The bank joined the FIDO Alliance as early as 2014, and been appointed to the Board of Directors. Among the world’s leading financial institutions, Bank of America is committing to FIDO standards for strong authentication, along with other leaders in the financial sector, including Discover Financial Services, MasterCard and Goldman Sachs.