Bank Of America Brings Proximity-Based Authentication

Next time you forget your login credentials for your BoA account and ask for the password to be sent to your mobile phone, chances are that the system will track the location of your device as well.

In a new patent filed by the company, the inventors claim one way of minimizing risks in false authentication is by ensuring that a mobile device the password is sent to is at more or less the same location as the computer terminal used to access the online account. The inventors say this location based service could help add an alternative way to authenticate the user over the existing methods.

The inventors say the location of the mobile phone can be tracked by one of several ways such as GPS, Wireless IP geolocation, cellphone tower signal triangulation,etc.

Do you see this technology helping authentication or do you think this is a needless additional layer?