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B of A reveals new security system for online banking

After some high-profile incidents of cybertheft of money from banking customers accounts, one major U.S. bank has decided to up it`s security features for internet banking customers to restore consumer confidence. Bank of America has incorportated a new online banking security system which is supposed to make it harder for internet bank robbers to crack customer accounts and steal their funds.

Bank of America already leads the U.S. onling banking market with its 13.2 million online banking customers, as well as 6.4 million people who pay many of their bills online. B of A launched "SiteKey" last month in Tennessee, and it is scheduled to be released this week in Virginia, Maryland and Washington, D.C. "SiteKey" should be available nationwide in the United States by this coming fall.

"We definitely want to lead the industry by making online banking more secure," one Bank of America executive said. "Right now, more than 50 percent of banking transactions take place online."