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JAVELIN Reveals 2016 Consumer Identity Safety Leaders for Credit Cards IssuersToday JAVELIN (@JavelinStrategy) announced the 2016 Consumer Identity Safety Leaders for credit card issuers: American Express (News - Alert), Bank of America, Capital One, Chase, Citibank, PNC, SunTrust, USAA, and Wells Fargo. JAVELIN's 2016 credit card issuers' study scored 20 of the nation's top credit card issuers - providing insight into how the customer-facing security measures of credit card issuers are mitigating current fraud trends and areas for improvement. JAVELIN uses its Prevention, Detection, and Resolution Model® assessing the account security features of the nation's top credit card issuers. The Prevention stage is the hardest stage to excel in staying ahead of fraudsters yet it is critical for adopting new features to mitigate risk. Only the top 5 issuers awarded by JAVELIN scored over 50% in prevention category, mainly by offering expanded features around customer-defined controls, online and mobile authentication. The Resolution category saw great strides in advancements. Card fraud is highly pervasive with over 50% of identity fraud victims having at least one credit card account compromised on average. While card fraud dominated the identity fraud landscape, issuers were adept at resolving these incidences quickly. Two-thirds of card fraud victims whose issuers initially detected the fraud spent one hour or less to resolve the fraud. "Protecting customers' accounts is an enormous task, and, unfortunately for issuers, it's often one that the customers themselves don't make any easier. Customer-defined controls are an area where issuers still have a great deal of untapped opportunity for securing accounts", said Al Pascual, Research Director and Head of Fraud & Security at JAVELIN. "Customers' direct control over the authorization of transactions outside of a specific geographic area or at certain types of merchants can help issuers sidestep the process of analyzing data to identify fraudulent transactions, which is fraught with pitfalls."
The study profiles the following credit card issuers: American Express, Bank of America, Barclays, BB&T, Capital One (News - Alert), Chase, Citibank, Citizens Bank, Commerce Bank, Discover, Fifth Third, First National Bank of Omaha, Navy Federal Credit Union, Pentagon FCU, PNC, SunTrust, TD Bank, USAA, US Bank, and Wells Fargo. View: JAVELIN's 2016 Consumer Identity Safety Leaders for Credit Card Issuers Learn More about Report: 10th Annual Credit Card Issuer Identity Safety Scorecard About JAVELIN JAVELIN, a Greenwich Associates LLC company provides strategic insights into customer transactions, increasing sustainable profits for financial institutions, government, payments companies, merchants and other technology providers. JAVELIN's independent insights result from a uniquely rigorous three-dimensional research process that assesses customers, providers, and the transactions ecosystem.
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