Abstract
Overview
Javelin' s 2007 Banking Identity Safety Scorecard ranks banks and credit unions on their customer- facing identity fraud Prevention, Detection and Resolution™ capabilities. Leveraging the nation' s most comprehensive study on identity fraud, Javelin updates the Prevention, Detection and Resolution™ criteria to measure banks and credit unions on their customer-facing security features to show specific ways that individual financial institutions (FIs) can increase customer safety and loyalty by partnering with account holders to fight identity fraud criminals. Using a combination of mystery-shopper and Web site research to score leading U.S. providers against relevant Prevention, Detection, and Resolution™ criteria, 25 institutions are included in this study, collectively representing 50% of the U.S. market in 2007 by dollar value of deposits, according to the FDIC.
Primary Questions
- 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 to increase customer safety through Prevention, Detection and Resolution™?
- Where is banking safety strongest and where is it weakest?
- Which customer safety features will most differentiate the top financial institutions in the future?
Table of Contents
- Overview
- Primary Questions
- Key Findings
- Executive Summary
- Top Rankings for 2007 Banking Safety Scorecard Show Marked Improvement
- Recommendations
- Prevention
- Detection
- Resolution
- Prevention, Detection and Resolution™ Model Provides a Framework for
Empowering Consumers
- Prevention
- Multi-factor authentication in all channels
- User-defined Limits and Prohibitions
- Social Security Number prohibition and security education
- Detection
- Credit monitoring services
- One-way and two-way alerts
- Resolution
- Next-day availability of funds
- Next-day replacement of debit cards
- Data breach resolution plans
- Prevention
- 2008 and Beyond: What' s on the Horizon
- Methodology
- Comparing the 2007 Scorecard and previous methodologies
- Related Research
- Appendices: Full Rankings for Institutions Reviewed
Table of Figures
- Figure 1 Year-to-Year Scores for Prevention, Detection and Resolution™, 2005-2007
- Figure 2: 2007 Overall Highest Rated Financial Institutions
- Figure 3 Overall Highest Rankings 8 to 10
- Figure 4 Prevention, Detection and Resolution™ Framework
- Figure 5 Prevention: Top Performers
- Figure 6 Prevention Rankings 8 to 25
- Figure 7 Percentage of Financial Institutions Meeting Prevention Criteria
- Figure 8 Detection: Top Performers
- Figure 9 Detection rankings 8 to 24
- Figure 10 Percentage of Financial Institutions Meeting Detection Criteria
- Figure 11 Detection Features Offered by FIs Reviewed
- Figure 12 Resolution: Top Performers
- Figure 13 Resolution Rankings 9 to 24
- Figure 14 Percentage of Financial Institutions Meeting Resolution Criteria
- Figure 15 All Financial Institutions: Total Score
- Figure 16 All Financial Institutions: Prevention Score
- Figure 17 All Financial Institutions: Detection Score
- Figure 18 All Financial Institutions: Resolution Score
