|
|
 |
|
Viewing report
|
|
|
|
Fifth Annual Card Issuers’ Identity Safety Scorecard: Industry Makes Huge Strides in Fraud Detection
Javelin Strategy & Research, July 2009, Pages: 37
The Card Issuers’ Identity Safety Scorecard analyzes the top 25 U.S. card issuers’ methods of protecting customers from identity fraud. Each year, we incorporate data from annual household, consumer, and issuer surveys using the Prevention, Detection and Resolution criteria to accurately reflect customer demands and trends in how issuers protect against fraud. The objective of the scorecard is to: 1) provide comprehensive information on each issuer’s fraud protection services; 2) address consumer perception and knowledge of identity fraud; and 3) foster a partnership between cardholder and issuer to mitigate loses and prevent against future instances of fraud.
Primary Questions:
-Which card issuers are best in securing consumer-facing 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?
Methodology
The scope of this report is limited to the cardholder-facing security capabilities of card issuers and relies upon information available on card issuers’ Web sites and data supplied by the card issuers’ customer service representatives (CSRs). The survey was conducted between April 30, 2009 and June 5, 2009. Our researchers validated the process with firsthand reviews of actual features in selected cases. The report does not purport to rank card issuers regarding their overall information security or back-end information security screening procedures, rules and capabilities. Using the mystery shopper approach, researchers culled through issuer Web sites and called each issuer’s online customer service department to speak with a senior-level CSR. The researcher explained that he or she was a potential cardholder concerned about identity fraud, and had several specific questions about the issuer’s online identity fraud Prevention, Detection, and Resolution™ capabilities.
In most cases, numerous CSRs were required to complete the survey, and whenever our research specialists had reason to doubt the tenure or knowledge of a CSR, the call was terminated and the process was begun anew. The total number of required CSRs (on a per-issuer basis) was noted, along with each CSR’s name or employee number (for verification). The required number of calls on a per-issuer basis ranged from 2 to 9, with an average of 5. (CSRs that were senior and could provide excellent customer service were sometimes able to effectively answer all survey questions accurately, as validated by blind re-calling and in these cases, the number of calls was less than the average.) The process was validated, in select cases, by firsthand monitoring of actual features. Card issuers were scored according to their online services’ Prevention, Detection and Resolution™ capabilities. The prevention and detection categories were weighted more heavily than resolution due to the greater potential benefits and cost savings.
Customers who bought this item also bought
2008 Card Issuers’ Identity Safety Scorecard: Customizing Account Controls to Fight Fraud and Strengthen Customer Loyalty
Card Issuers’ Identity Safety Scorecard - Teaming Issuers and Cardholders Against One Enemy, to Strengthen Relationships and Security
Card Issuers’ Identity Safety Scorecard –The Next Competitive Differentiator: Empowering the Customer
2008 Identity Fraud Survey Report Excerpts for Card Issuers: Identity Fraud Continues to Decline, But Criminals More Effective at Using All Channels
Online Banking Safety Scorecard: Banks Must Add Prevention and Detection Mechanisms to Reduce Identity Fraud
2009 Identity Fraud Survey Report: Identity Fraud on the Rise But Consumer Costs Plummet as Protections Increase
Credit Card Issuer Safety Scorecard: Ranking Top 39 Issuers on Fraud Safety Concerns
2006 Identity Fraud Survey Report
2007 Identity Fraud Survey Report: Identity Fraud Is Dropping, Continued Vigilance Necessary
Identity Fraud Safety Scorecard - Banks’ Identity Fraud Safety Scorecard Reveals Measured Success and Bountiful Opportunities For Improvement
2008 Identity Fraud Survey Report: Identity Fraud Continues to Decline, But Criminals More Effective at Using all Channels
2008 Identity Fraud Forecast: Fraud Techniques will Evolve in Tandem with Industry Defenses
|
|
|
|
