2008 Banking Identity Safety Scorecard: Authentication and Alerts are Keys to Acquiring, Retaining and Empowering Customers

Published by: Javelin Strategy & Research

Published: Nov. 1, 2008 - 42 Pages

Table of Contents

Overview

Primary Questions

Findings and Analysis

Methodology

Comparing the 2008 Scorecard and Previous Methodologies

Executive Summary and Key Recommendations

Behind-the-Scenes Fraud Mitigation Efforts

Top-Ranked Banks Partner With Customers to Protect Against ID Fraud

Key Recommendations

Prevention

Detection

Resolution

Prevention, Detection, and Resolution™ Model Provides a Framework for Empowering

Customers

Prevention

Strong Authentication Across Remote Channels Will Improve Security

Multi-factor and Mutual Authentication in All Channels

Online-Only Authentication for New Accounts

Extended Validation Certificates

Review and Release

Social Security Number Prohibition and Security Education

FI Education Efforts Strong; but Non-Essential Use of Full SSNs Creates Vulnerability

User-defined Limits, Alerts, or Prohibitions

Detection

Partnering With Alerts Automates Detection of Problems for Customers

Credit Monitoring Services

Account-Related Alerts

Information Change Alerts

FI Security-related Alerts Improve Over 2007 but Still Show Room to Expand

Resolution

Banks Excel in Identity Fraud Resolution Services for Consumers

Follow-up From FIs

Next-Day Availability of Funds

Next-Day Replacement of Debit Card

2009 and Beyond: What’s On the Horizon

Appendices: Full Rankings for Institutions Reviewed

All Financial Institutions: Prevention Score

All Financial Institutions: Detection Score

All Financial Institutions: Resolution Score

Related Research

Companies Mentioned

Table of Figures

Figure 1: Year-to-Year Scores for Prevention, Detection, Resolution, 2005-2008

Figure 2: Top Rankings for 2008 Banking Safety Scorecard

Figure 3: Overall Highest Rankings 8 to 10

Figure 4: Javelin’s Prevention, Detection, Resolution™ Model

Figure 5: Top Performers in Prevention

Figure 6: Prevention Rankings 9 to 25

Figure 7: Percentages of Financial Institutions Meeting Prevention (Authentication) Criteria

Figure 8: Percentages of Financial Institutions Meeting Prevention Criteria

Figure 9: Top Performers in Detection

Figure 10: Detection Rankings 10 to 25

Figure 11: Percentages of Financial Institutions with Account Alerts

Figure 12: Percentages of Financial Institutions with Personal Information Change Alerts

Figure 13: Top Performers in Resolution

Figure 14: Resolution Rankings 4 to 25

Figure 15: Percentages of Financial Institutions Meeting Resolution Criteria

Figure 16: All Financial Institutions: Total Score

Figure 17: All Financial Institutions: Prevention Score

Figure 18: All Financial Institutions: Detection Score

Figure 19: All Financial Institutions: Resolution Score

Abstract

• How can banks and credit unions benchmark their efforts in the battle against a $45B U.S. identity fraud problem?
• Which financial institutions rank highest against Javelin’s customer-facing Prevention, Detection and Resolution™ criteria?
• What type of account protection capabilities should banks and credit unions implement now to increase customer safety through Prevention, Detection and Resolution™?
• Within the U.S. banking industry, where is banking safety strongest and where is it most vulnerable?
• Which customer safety features will most differentiate financial institutions in the future?

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