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2008 Card Issuers’ Identity Safety Scorecard: Customizing Account Controls to Fight Fraud and Strengthen Customer Loyalty
Javelin Strategy & Research, April 2008, Pages: 43
The Javelin Card Issuers’ Identity Safety Scorecard benchmarks 25 of the nation’s top credit card issuers on their identity fraud protection features that involve customers. Each year, Javelin incorporates the latest results of its annual surveys on identity fraud and consumer preferences, so that the Prevention, Detection and Resolution™ criteria reflect card features that address the most recent trends on how to most effectively battle identity fraud in the card portfolio. The objective of the scorecard is to assess how well issuers are doing the following: 1) addressing consumer perceptions and knowledge of identity fraud through effective education and outreach; 2) creating strong partnerships with customers to mitigate fraud and reduce losses; and 3) providing flexible and comprehensive fraud prevention and detection features to their customers.
Primary Questions
-Which card issuers are security leaders in consumer facing identity fraud Prevention, Detection, and Resolution capabilities?
-Which customer-facing card features should issuers have in place to combat the latest identity fraud threats?
-How can issuers increase fraud protection for their customers, improve fraud loss percentages, and strengthen customer loyalty?
-What security services and features are the trends of the
future?
Methodology
Javelin conducted rigorous and comprehensive research on consumer-facing identity fraud Prevention, Detection and Resolution features. Javelin ranked 25 of the nation’s top credit card issuers on the services and measures they have implemented in partnership with consumers to protect against identity fraud. It analyzed data supplied by the issuers’ customer service representatives (CSRs) and consulted information available on card issuers’ Web sites. Javelin researchers validated the process with firsthand reviews of actual features in selected cases.
The research employed a multi-disciplinary approach: statistical analysis, review of features and policies on card issuer websites, and mystery shopping with multiple senior level customer service representatives. The prevention and detection categories were weighted more heavily than resolution due to the greater potential benefits and cost savings.
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