Lorilee Woods
Policy Analysis
Privacy Policy for Bank of
SECURITY
FEATURES:
Banking security occurs
through both online transactions and off line.
Bank of America provides services free of charge to customers to
enhance their security. Customers
can monitor accounts and pay bills online, directly deposit checks into
accounts, set up automatic payments of bills, and security enhanced checks
to thwart fraud. There are
also ways to protect credit and checking cards from fraud.
Photo IDs are placed on credit and banking cards (I have my picture
on my checking card). Cards
are also secured using Bank of America’s “Total Security Protection”
as a “defense against theft, loss or unauthorized use, even if you use
your card online.” The bank
also supports “Verified by Visa” where customers can choose a password
to be associated with their cards to enhance security.
Bank of America protects online security by using computer virus protection, firewalls, secure transmissions, secure email, and more features that are constantly advancing. For Bank of America to guarantee (or almost guarantee) your privacy, they suggest customers should use Microsoft Internet Explorer or Netscape browsers to support their encryption technology. They do not give any feedback or warnings of what might actually happen if a customer tries to use Mozilla for online banking. Certainly, it may increase the likelihood of identity theft or other violations of personal privacy, but just how likely would that happen?
In addition to outlining the security tools they support, Bank of America provides information about how customers should be aware of and protect themselves against online fraud. BoA lists the types of personal information that should be protected: “online IDs and passcodes, Social Security numbers and account numbers” and necessary precautions to prevent identity theft or fraud. There is also information about how to report fraud after the fact.
PRIVACY
POLICY:
Privacy Policy for Consumers
Bank of America asserts that they go beyond what the law requires of them to provide personal privacy to its customers. “This policy covers Customer Information, which means personally identifiable information about a consumer or a consumer's current or former relationship with Bank of America.” They do not sell or share information, and customers have the right to choose whether they want to receive marketing calls from their “family” companies or not. The policy covers eight aspects:
- Protecting
information about you from marketers outside Bank of America
- Making
the security of information a priority
- Collecting
information
- Managing
information
- Making
sure information is accurate
- Honoring
your preferences
- Actions
you can take
- Bank
of America companies
In
here Bank of America defines what customer information is, how BoA uses
it, and what customers’ rights are.
Online
Practices for Privacy Policy:
Bank of America also assures certain rights to consumers specifically when they use online banking services. These guidelines are for “general guidance and are subject to change.” Browsing the use of the BoA website is anonymous, however, to use the services you need to sign up and submit your personal information. Also, unless you disable your internet cookies, you will no longer have the option of browsing anonymously. Even by submitting personal information BoA protects your privacy by only sharing customers’ information to companies that are associated or work for BoA. They will not sell your information and will hold to these guidelines.
CRITERIA AND ANALYSIS:
The
criteria used for analyzing this privacy policy were format,
straightforwardness, thoroughness, and catalytic.
Format:
The privacy policy uses language and terms that are easy to
understand and follow.
The privacy policy is in
an easy to read format and uses easy to understand language.
Rather than putting all of the security and privacy information on
one page, BoA uses multiple pages organized into relevant groupings:
overview, your account security, reporting fraud, privacy policy, set your
privacy preferences, and frequently asked questions.
Usually privacy policies and related documents are on one very long
page that can be very daunting and hard to follow.
However, there are disadvantages to not having all of the
information in one place. The
information is not easily printable and since the information is on
multiple pages it is easier to overlook important items.
The privacy section should provide onlookers with an option to
print one large PDF file if they so choose.
The language also plays a role in making security issues easier to understand. The BoA privacy policy does not use overly technical and/or legal language which makes it easier for anyone to comprehend. When referring to encryption technology, BoA writes very simple and short terms such as: “Secure Socket Layer (SSL) technology secretly encodes information that is sent over the Internet between your computer and Bank of America, helping to ensure that the information remains confidential.”
Straightforwardness:
The privacy policy is straightforward about the types of information
shared and with whom it is shared.
For the most part, Bank of America is very straightforward when explaining where customers’ information is going and who is receiving it. BoA prides itself by not sharing information to marketers outside of Bank of America, but they do give your information to other companies within BoA. There are almost 45 companies that share customer information, and they are listed in the privacy policy. I counted them they did not tell me exactly how many “family” companies there were.
BoA refers to “five categories of Customer Information,” and includes: Application Information, Consumer Report Information, Information from Outside Sources, Transaction and Experience Information, and Other General Information. Customers have a choice in whether or not to share Application Information, Consumer Report Information, and Information from Outside Sources, but have no choice with their Transaction and Experience Information, and Other General Information. They are straightforward in defining these categories and where the information it going. They are also clear on how to stop sharing with and receiving information from BoA companies through the “Set Your Privacy Preferences” section.
Thoroughness:
The privacy policy should be complete in its descriptions of
possible security issues.
Bank
of America is thorough in its descriptions of what types of technology and
procedures they use to protect customer privacy.
They use anti-virus software, firewalls, and encryption technology
to protect transactions. One
downfall I see is that the encryption tools are only supported with
Internet Explorer or Netscape. I
believe that they should also look to supporting other browsers.
Along
with how BoA tries to protect privacy, the privacy policy is also thorough
in explaining how customers can protect privacy.
Simple acts such as storing personal information in a safe place,
being aware of surroundings at ATMs, and updating personal computer
software are just a few of their suggestions.
Catalytic:
The privacy policy should contain necessary information to promote
education and change to prevent foul play and aid victims.
The Bank of America website provides sufficient information on how customers can better protect themselves from being violated. They define what online and email fraud are: “Phony e-mail messages sent to you for the purpose of stealing personal and financial information are among the most common types of e-mail fraud.” They give an example of what one would look like; pointing out what customers should look for, such as misspelled words or messages to act with urgency. BoA even provides advice for general security protection beyond their services by urging customers to use anti-virus protection, automatic upgrades, using caution with attachments, and being familiar with the specifications for your computer and network.
If a customer has been a victim of fraud, BoA provides useful steps and contacts to resolve these issues quickly. They have their own contact information: abuse@bankofamerica.com, and Bank of America provides outside sources for customers to further research their rights. These sources include: the Federal Trade Commission for identity theft and the National Consumer League for fraud.