Fifth Annual Card Issuers’ Identity Safety Scorecard Industry Makes Huge Strides in Fraud Detection

Published by: Javelin Strategy & Research

Published: Jun. 1, 2009 - 37 Pages

Table of Contents

Overview

Primary Questions

Key Findings

Methodology

Executive Summary

Consumer Willingness to Mitigate Fraud

Emerging Security Threats

Advances in Fraud Detection

Average Issuer Scores for Major Fraud Mitigation Categories

Significant Improvements Shown by Issuers in Prevention and Detection in 2009

Recommendations

Prevention

Detection

Resolution

Overall Best-in-Class Winners

Bank of America Earns Javelin Top Safety Scorecard Honors for Third Year in a Row

Prevention

Robust Authentication Must Extend to All Channels

Stronger Phone Authentication Prevents “Vishing” Attacks

Detection

Issuers Continue to Advance their Customer Alert Offerings

User-Defined Alerts for Higher-Risk Transactions are Lagging Behind

Resolution

Issuers Excel in Resolution

2010 and Beyond: What’s Next for Card Issuers?

Javelin’s Prevention, Detection and Resolution™ Model

Appendix - Scorecard Data

Related Research

Companies Mentioned

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 Scores

Figure 4: Top Eight Rankings - Overall Highest Ranking Issuers

Figure 5: Overall Identity Fraud Scores for Issuers Ranked Ninth to Twenty-Fifth

Figure 6: Top Six Rankings - Individual Prevention Scores

Figure 7: Individual Prevention Scores for Card Issuers Ranked Ninth 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 Five Rankings: Individual Detection Scores

Figure 11: Individual Detection Scores for Issuers Ranked Eleventh through Twenty-Fifth

Figure 12: Percentages of Issuers Meeting Detection Criteria

Figure 13: Percentages of Card Issuers Offering User-Defined Transaction Alerts

Figure 14: First Place Issuers in Resolution

Figure 15: Individual Resolution Scores for Issuers Ranked Ten 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:

Figure 21: Card Issuers’ Detection Features and Services: User-defined Transaction Alerts

Figure 22: Card Issuers’ Detection Features and Services

Figure 23: Card Issuers’ Resolution Features and Services

Abstract

• Which card issuers are best in securing consumerfacing identity fraud Prevention, Detection, and Resolution capabilities?
• Which customer-facing card features should issuers have in place to combat constantly evolving identity fraud threats?
• How can issuers take advantage of consumer willingness to mitigate fraud to reduce risk, improve fraud loss percentages, and strengthen customer loyalty?
• What security services and features are the trends of the future?

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