SAN FRANCISCO -
The findings, released as part of Javelin's 2007 Card Issuers Identity Safety Scorecard, also identify the top issuers of cards according to consumers' desires. Among those finishing with some of the best-known card brands in the country was Navy Federal Credit Union.
Noting that during 2006 8.4 million Americans were victims of identity fraud, with total fraud amounting to $50 billion and the average victim paying $587 in out-of-pocket expenses as a result, most are sensitive to becoming victims and have clear desires for what they would like to have. According to Javelin, those surveyed said the ideal dream card would offer:
For Fraud Prevention
1. Provides consumers the ability to restrict or allow certain types of transactions (e.g. cash advances, foreign transactions, card-not-present transactions).
2. Uses identifiers other than social security numbers for identity verification.
3. Truncates all customer-sensitive data while interacting with customers.
4. Encourages customers to protect their home computers with anti-virus software by partnering with security software vendors (e.g. Bank of America's partnership with Symantec).
5. Offers photo of account holder on card.
For Fraud Detection
1. Provides mobile device or e-mail alerts of high-risk changes to accounts (e.g. replacement card sent out, PIN or password reset, change of physical address or e-mail address), initiation of higher-risk transactions (e.g. card not present, foreign transactions, activity on dormant account), and status of accounts (payment past due). Over two-thirds of account-takeover cases are due to a fraudulent change of address. Alerts for changes to personal information are one of the top desired alerts by consumers, Javelin said.
2. Notifies customers of new account set-ups. New accounts fraud is traditionally the most difficult for consumers to detect. Credit cards continue to be the most abused category of fraudulent new accounts.
3. Facilitates consumer ordering of credit reports and credit monitoring services. New fraudulent accounts can be virtually invisible to a consumer without a credit monitoring service.
For Fraud Resolution
1. Institutes a comprehensive, up-to-date data breach resolution plan.
2. Provides an ID fraud assistance team to help customers affected by fraud.
3. Offers zero liability for fraud.
4. Offers next-day card replacement in addition to 24/7 account suspension capabilities.
5. Offers free identity fraud insurance.
Safest Card Issuers
Bank of America (Visa Platinum)
American Express (Blue from American Express)
(2-way tie) Discover (Discover Platinum), First National Bank Omaha (Platinum Edition Visa)
Citibank (Citi Platinum Select)
Navy FCU (Platinum MasterCard)
Top Fraud Preventers
1. Citibank (Citi Platinum Select)
2. (3-way tie) Bank of America (Visa Platinum), First National Bank Omaha (Platinum Edition Visa), Navy FCU (Platinum MasterCard)
3. Discover (Discover Platinum)
4. JPMorgan Chase (Chase Platinum Visa)
5. Nordstrom (Platinum Visa)
Top Fraud Resolvers
1. (12-way tie) American Express, Bank of America, Capital One, Citibank, FNB Omaha, HSBC, National City, Navy FCU, RBS National, State Farm Bank, Target, Wachovia
2. (8-way tie) BB&T, Commerce Bank, Discover, Nordstrom, Sun Trust, U.S. Bank, WaMu, Wells Fargo
3. (3-way tie) Fifth Third, GE, USAA
4. Advanta
5. JPMorgan Chase
Top Fraud Detectors
1. American Express (Blue from American Express)
2. U.S. Bank (U.S. Bank Visa Platinum)
3. Bank of America (Visa Platinum)
4. Discover (Discover Platinum)
5. (3-way tie) Capital One (Capital One Platinum MasterCard), First National Bank Omaha (Platinum Edition Visa), Wachovia (Wachovia Visa)
--Source: Javelin Research
