The Bankwatch

Tracking the consumer evolution of financial services

Bank of America top Identity Safety scorecard | Javelin

 Javelin release their annual Banking Identity Safety Scorecard that rates 24 of the top US financial institutions. The report goes on to recommend additional measures Banks could use and account alerts top the list.

One way to improve prevention and detection is through alerts. Banks could let customers set up e-mail or cell phone text message alerts, for example, Javelin Strategy & Research said. Another way could be to promote online account monitoring and advanced protection against phishing scams that seek to trick people into giving up account details, the research firm said.

Source: Banks rated for ID theft | Tech News on ZDNet

While BofA ranked highest overall, followed by JP Morgan Chase and Washington Mutual, individual category winners were:

  • Marshall & Ilsley Bank received top honors for prevention – the category with the most weight in the evaluation.
  • JP Morgan also received a category award for detection
  • Washington Mutual received the category award for resolution.
  • KeyBank received an honorable mention award for its overall strength across all the categories

Also scoring high in the overall ratings were Fifth Third Bank, SunTrust and Wells Fargo.

The Banking Identity Scorecard Report provided financial institutions with several other tactics that can help consumers avoid identify fraud:

  • Prevention: Offer account holders incentives to view and pay statements online, and provide definitive ways to spot phishing e-mail while building confidence in online communication.
  • Detection: Allow consumers to opt-in to e-mail or phone alerts about their financial status, and alert account holders to changes in their personal information.
  • Resolution: Grant account holders next-day access to stolen funds.

The report covered the following banks: AmSouth, Bank of America, Bank of New York, BB&T, Citibank, E*Trade, Fifth Third Bank, HSBC, JP Morgan Chase, KeyBank, M&T Bank, Marshall & Ilsley Bank, National City Bank, Navy FCU, NetBank, PNC Bank, Regions Bank, Sovereign Bank, SunTrust, Union Bank of California, US Bank, Wachovia, Washington Mutual, and Wells Fargo.

 

Written by Colin Henderson

September 28, 2006 at 19:57

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