2008 Card Issuers' Identity Safety Scorecard: Customizing Account Controls to Fight Fraud and Strengthen Customer Loyalty : Market Research Report

2008 Card Issuers' Identity Safety Scorecard: Customizing Account Controls to Fight Fraud and Strengthen Customer Loyalty

Published by: Javelin Strategy & Research

Published: Apr. 1, 2008 - 43 Pages

Overview
Methodology
Executive Summary: Cardholders are Key to Account Security; Average Issuer Scores for Major Fraud Mitigation Categories; Recommendations
Overall Category Winners
Prevention: Robust Authentication Must Extend to All Channels; Lack of Strong Phone Authentication an Increasing Source of Exposure
Detection: Issuers Are Making Good Strides in Offering Customer Alerts; Alerts for Changes to Personal Information Lacking
Resolution: 100% of Issuers Provide Dedicated Fraud Resolution Teams, Relevant Resolution; Information for Victims, Zero Liability, and 24/7 Account Suspension
2009 and Beyond: What’s Next for Card Issuers?
Related Research
Javelin’s Prevention, Detection and Resolution™ Model
Appendices A to F
Table of Figures: Figure 1: Credit Card Issuers Evaluated for Identity Fraud Safety Features; Figure 2: Average Criteria Met By Issuers; Figure 3: Overall Category Average Scores; Figure 4: Top Six Rankings: Overall Highest Scoring Issuers; Figure 5: Overall Identity Fraud Scores for Issuers Ranked Eighth to Twenty-Fifth; Figure 6: Top Seven Rankings: Individual Prevention Scores; Figure 7: Individual Prevention Scores for Card Issuers Ranked Tenth to Twenty-Fifth; Figure 8: Percentages of Issuers Meeting Prevention Criteria; Figure 9: Percentages of Issuers Meeting Prevention Criteria for Security Education and UDLAPs; Figure 10: Top Nine Rankings: Individual Detection Scores; Figure 11: Individual Detection Scores for Issuers Ranked Tenth through Twenty-Fifth; Figure 12: Percentages of Issuers Meeting Detection Criteria; Figure 13: Percentages of Card Issuers Offering User-Defined Transaction Alerts; Figure 14: Top Scoring Issuers in Resolution; Figure 15: Individual Resolution Scores for Issuers Ranked Eighth Through Twenty-Five; Figure 16: Percentages of Card Issuers Meeting Resolution Criteria; Figure 17: How Prevention, Detection and Resolution™ Mitigate Fraud; Figure 18: Card Issuers’ Scores Based on Customer-Facing Identity Fraud Prevention,; Detection and Resolution™ Features and Services; Figure 19: Card Issuers’ Prevention Features and Services; Figure 20: Card Issuers’ Prevention Features and Services: Security Education and Tips and UDLAPS; Figure 21: Card Issuers’ Detection Features and Services: User-defined Transaction Alerts; Figure 22: Card Issuers’ Detection Features and Services: Personal Record Change Alerts; Figure 23: Card Issuers’ Resolution Features and Services

Abstract

The Javelin Card Issuers’ Identity Safety Scorecard benchmarks 25 of the nation’s top credit card issuers on their identity fraud protection features that involve customers. Each year, Javelin incorporates the latest results of its annual surveys on identity fraud and consumer preferences, so that the Prevention, Detection and Resolution™ criteria reflect card features that address the most recent trends on how to most effectively battle identity fraud in the card portfolio. The objective of the scorecard is to assess how well issuers are doing the following: 1) addressing consumer perceptions and knowledge of identity fraud through effective education and outreach; 2) creating strong partnerships with customers to mitigate fraud and reduce losses; and 3) providing flexible and comprehensive fraud prevention and detection features to their customers.

Primary Questions

Which card issuers are security leaders in consumerfacing identity fraud Prevention, Detection, and Resolution capabilities?
Which customer-facing card features should issuers have in place to combat the latest identity fraud threats?
How can issuers increase fraud protection for their customers, improve fraud loss percentages, and strengthen customer loyalty?
What security services and features are the trends of the future?

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2008 Card Issuers' Identity Safety Scorecard: Customizing Account Controls to Fight Fraud and Strengthen Customer Loyalty

Table of Contents

Abstract