New spin security from Bank of America

Hot on the heals of handing a pile of data over to crooks, Bank of America is launching a new identity theft protection initiative targeting users of their internet banking services.

The new service, dubbed SiteKey, uses a combination of an image, user-created phrase and three challenge questions to authenticate both the customer’s identity and the authenticity of Bank of America’s Web site when customers log on.

Techdirt called the reaction to identity theft misguided, and I have to say that this latest from Bank of America seems right in line. Create some spin around the lack of internet security and how you are going to solve that, while customer data flies out the back door.

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