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Javelin: The safest credit card issuer

By Leslie McFadden · Bankrate.com
Thursday, May 6, 2010
Posted: 12 pm ET

Which credit card issuer best protects its customers from identity fraud? In its sixth annual Card Issuer's Safety Scorecard, Javelin Strategy & Research ranked the top 26 credit card issuers on security criteria and named an overall champ as well as winners in the categories of fraud prevention, detection and resolution. The research relied on information obtained through the issuers' customer service representatives and disclosures on their websites.

A press release from the firm noted that physical address changes are no longer the account takeover method of choice for criminals, thanks to a requirement under the Red Flags rules to alert customers when their address changes. Criminals now prefer to add a user to the credit card account.

A whopping 45 percent of the overall score came from prevention. Criteria in this category included authentication (verification of identity for account access), and user-set limits on high-risk transactions.

Issuers earned points for detection by providing tools and services such as credit reports or credit monitoring, and alerts when changes in their personal information occurred. For resolution, points were given for offerings such as zero liability for fraudulent transaction,  a telephone number for lost cards in a foreign country and an identity fraud resolution assistance team.

So who leads the pack? Bank of America, for the fourth consecutive year of the annual study. The Charlotte, N.C.-based bank also beat the competition in fraud detection, but tied with Discover, Navy Federal Credit Union and State Farm in the resolution category. U.S. Bank did the best job of prevention.

Do you agree with these findings? Which credit card issuer do you think best protects your information?

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1 Comment
Michael Cooper
June 21, 2010 at 2:47 pm

Credit card information is just to available to hackers that pull the information and then sell it to various groups or people that plan on using it. This is no something new, this has been going on forever. It seems by now that the Federal Government and Credit Card issurers would have learned by now that the common issue in most cyber crime is a persons social security number. I think it is ridiculous for a credit card company or any company to be allowed to ask a person his/her social security number. About ten years ago, I had an incident where Direct TV came after me for a bill of a little over $100.00, where someone had stole my identity an opened an account with Direct TV in Miami. I have never lived in Miami, yet to Direct TV, I was a crook and was treated like one until this situation was corrected or I proved to Direct TV that I did not open an account in Miami. Ever since then, the same person who has managed all these years to fly under the radar and not get caught, files his tax returns each year under my social secuirty number and name. With technology advanced as it is today and gets more advanced everyday it looks like the Federal Government would realize that asking it's citizens to give out there social security number when applying for credit is putting the citizens of this country in a seriously vunerable position. I am sure with all the money Obama has spent on other things, that he could have found a way by now to have technology update our ancient system of relying on social security numbers to using something else that it not so easy for hackers to get or sell.