New Report on Credit Card Security
Find the ideal credit card for security and protection…
The Javelin Research & Strategy firm recently completed a report which rates the top 25 credit card issuers in relation to identity theft and credit card fraud protection. It looked at the companies’ protection systems and analyzed data supplied by the issuers’ customer service representatives. According to Javelin analysts, the ”ideal credit card” would be one that combines mobile or e-mail alerts, user-defined restrictions, customer data protection and easy access to credit reports and credit protection services.
Last year, 8.4 million Americans became victims of identity fraud, with total fraud amounting to $50 billion. “Identity fraud is a major pain for consumers and can damage the relationship between the consumer and the card issuer,” Javelin President James Van Dyke said in a statement. “Card issuers have a golden opportunity to increase loyalty and retention, and strengthen relationships and their brand reputation, by giving consumers simple identity fraud prevention tools they like to use,” he added.
Among the report’s findings:
- 56% of credit card companies surveyed require the three pieces of ID - full social security number, name, and DOB - to do business by phone, online or by mail.
- 24% of issuers allow users to set restrictions on their accounts. But there are strict limitations on the ability to restrict or block purchases from specific merchants or for certain types of transactions.
- Roughly 8% of issuers offer email alerts to warn consumers of fraudulent activity.
- 16% of issuers offer an alert system for changes to personal information which may be the first sign that your identity has been stolen.
- More than 80% use multi-factor authentication for online banking requiring users to provide a password, answer questions or idenitify an image to access accounts.
- More than 80% of issuers report having a data breach resolution plan in place.
Using their safety scale of 80 points, the study reveals the safest overall credit cards are:
- Bank of America’s Visa Platinum - 69 points
- American Express Blue - 66 points
- Discover Platinum, tied with
- First National Bank Platinum Visa
- Citi Platinum Select
- Navy Federal Credit Union Platinum
* To find out more about this report, visit the Javelin Research Website >>>
