Bank of America were the first large scale roll out for the PassMark solution (branded Sitekey by BofA).  The solution identifies the bank to the customer, and identifies the customer to the bank.

TowerGroup: Case Study on Use of Strong Online Authentication to Beat Fraud

Beyond just the online channel, TowerGroup believes that Bank of America has taken an important macro step in the fight against fraud by developing an enterprise detection system to monitor potentially fraudulent transactions across all delivery channels.

Since fraud isn’t limited to the online channel, this cohesive view of customer transactions will become increasingly important as criminals further pursue the path of least resistance when attempting to cheat institutions and their customers.

BofA are looking to the next level of use for this, which is to provide asecond level of authentication for high value transactions.

Following the successful role out of this first large-scale implementation of strong online authentication, the bank is considering additional online security features — such as requiring extra authentication for certain high-value online transactions.