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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