BofA Starts Fraud Protection Technique Days After Admitting Data Leaks

from the interesting-timing... dept

You might wonder about the timing on this one. Just days after admitting that information on 60,000 customers had been leaked into the hands of an identity theft ring, Bank of America felt it was time to launch a new fraud protection measure that seems to be more like white-washing rather than really trying to solve the problem. The technique involves choosing a “picture” as a password or having to answer an additional security question. However, if the identity thieves can get their hands on those answers also, then it seems like this protection won’t do much other than make people think they’re more secure.

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