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Online Banking Safety Scorecard: Banks Must Add Prevention and Detection Mechanisms to Reduce Identity Fraud
Javelin Strategy & Research, Dec 2005, Pages: 20
How well do banks protect consumers—and allow consumers to protect themselves—online?
Financial institutions employ various methods of protecting consumers who access their accounts online from identity fraud, ranging from prevention, to detection, to post-event resolution. Javelin has for the second consecutive year deployed its online banking safety scorecard, which assesses the protective measures that banks are taking, and ranks the industry based on Javelin's proprietary Prevention, Detection, and Resolution model for combating online identity fraud.
Primary Questions:
- Which banks are providing the most protection against identity fraud for their consumers online?
- What are the most compelling ways to reduce identity fraud?
- How are banks evolving in their strategies to reduce online identity fraud?
Major Findings:
Age and income predict unique preference patterns for alerts at banks and issuers. Consumer interest falls primarily within the categories of convenience, financial management, and safety.
Today’s alerts will lead to a broader set of customer account controls (user-defined alerts, prohibitions, and review-and-release controls) that we will see at bank and issuer sites over the next several years.
Audience: Financial Institutions, particularly Online Fraud and Risk and Marketing Groups.
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