The threat of fraudulent activity remains just a click away for online banking customers. Researchers have discovered methods hackers are using to circumvent added security measures on the Bank of America Web site.
Researchers at Indiana University released a video Tuesday that shows the potential for fraudulent activity on the bank's Web site despite the implementation of SiteKey, a widely used online security system. Hackers can access a user's account through a technique known as phishing, in which they pose as a bank to receive private information from clients, according to Markus Jakobsson, associate professor of informatics at Indiana University.
James Hilton, University vice president and chief information officer, said consumers had high hopes that SiteKey's graphic reminder would be a way to block phishing.
According to Bank of America spokesperson Betty Riess, SiteKey allows online banks to display a user-selected icon at log-in to assure consumers they are using the official bank Web site. When a user attempts to log on from an unknown computer, SiteKey prompts the user with a predetermined "security question" to gain access.
"The problem we have with it is that it is giving [customers] a false sense of security," Indiana doctoral student Christopher Soghoian said. "Users are more likely to let their guard down."
Riess said SiteKey is only one part of Bank of America's "multi-pronged approach to security," adding the bank has additional security precautions that cannot be openly discussed. In reference to phishing, Riess said Bank of America is actively monitoring the Internet to find and shut down fraudulent online banking Web sites.
Hilton said the University has an education campaign regarding safe computing practices, adding that consumer vigilance could easily solve some of these security concerns.
"If you don't see the SiteKey, don't fill in the information," Hilton said. "It's not that there is a lack of security ... What consumers need to do is be informed."
According to information provided by University spokesperson Carol Wood, Bank of America became the University's official bank in 2002 and its preferred lender in 2003.
Riess said SiteKey was implemented for Virginia Bank of America customers in July 2005.
Hilton stressed the importance of consumer vigilance despite security advancements.
"The Internet feels warm and fuzzy," Hilton said. "It's actually a very hostile environment. It's a lot like the real world. We're surrounded by germs and viruses."
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