8th Annual Card Issuers' Safety Scorecard: Proliferation of Alerts Lead to Quicker Detection Time and Lower Fraud Costs
Javelin Strategy & Research, June 2012, Pages: 41
Javelin’s Eighth Annual Card Issuers’ Identity Safety Scorecard analyzed and ranked the top 20 U.S. card issuers’ customer-facing security features. Issuers were scored based on Javelin’s Prevention, Detection, and Resolution™ model. Incidence of credit card fraud has increased 87% since 2010, culminating in an aggregate fraud loss of $6 billion. While issuers’ investment in detection and resolution has resulted in an influx of customer-facing tools and falling average detection times among credit-card fraud victims, the rising incidence rate indicates that credit card issuers should prioritize preventing fraud. The purpose of this report is to provide credit card issuers insight into how the industry’s current customer-facing security measures are mapping against recent fraud trends and how issuers can improve their current security infrastructure.
Primary Questions
- What customer-facing security measures are currently being offered by major credit-card issuers?
- What customer-facing security measures are popular among major issuers and which measures are not?
- How are current security measures addressing recent fraud trends?
- How can third-party security vendors fill security needs among card issuers?
- Where can issuers invest in security that would provide the greatest impact on fraud?
Audience:
Fraud, marketing, e-commerce, mobile, and online account departments of credit card issuers; authentication vendors, security software vendors; identity protection vendors.
Methodology:
Consumer Data
Consumer data in this report is based on information gathered from several Javelin surveys conducted in 2011 and 2012. Data
was gathered and weighted to reflect a representative sample of the general U.S. population.
- A random-sample panel of 5,211 respondents in an October 2011 survey. The margin of sampling error is ±1.73 percentage points at the 95% confidence level. The margin of sampling error is higher for questions answered by subsegments.
- A random-sample panel of 5,034 respondents in a March 2012 online survey. The margin of sampling error is ±1.38 percentage points at the 95% confidence level. The margin of sampling error is higher for questions answered by subsegments.
Overview
Primary Questions
Methodology
Behind-the-Scenes Mitigation Efforts
Prevention, Detection, and Resolution™ Model
Changed Criteria
Executive Summary and Recommendations
Awarded Top Issuers
Recommendations
Quick Look at Identity Fraud and the Role of Security
Overall Rankings
Prevention
Authentication
Education
Other Prevention Criteria
Detection
Personal Information Change Alerts
Transaction and Account Alerts
Other Detection Criteria
Resolution
Resolution Criteria
Appendix
Related Research
Companies Mentioned
Table of Figures
Figure 1: Top Issuers Evaluated
Figure 2: Javelin’s Prevention, Detection, and Resolution Model
Figure 3: Criteria Changed
Figure 4: Card Issuer Scorecard: Possible Points and Average Scores
Figure 5: Average Criteria Met by Issuers by Category
Figure 6: Existing Credit-Card Fraud: Mean Fraud Amount and Incidence Rate
Figure 7: Top 10 Issuers Based on Overall Scores (100 Points Possible)
Figure 8: Through Card Issuers Based on Overall Scores
Figure 9: Top Nine Issuers Based on Prevention Scores (45 Points Possible)
Figure 10: Through Issuers Based on Prevention Scores
Figure 11: Authentication Criteria
Figure 12: Education Criteria
Figure 13: Other Prevention Criteria
Figure 14: Top Nine Issuers Based on Detection Scores (35 Points Possible)
Figure 15: Through Issuers Based on Detection Scores
Figure 16: Personal Information Change Alerts
Figure 17: Transaction and Account Alerts
Figure 18: Other Detection Criteria
Figure 19: Top Four Issuers Based on Resolution Scores (20 Points Possible)
Figure 20: Fifth Through Issuers Based on Resolution Scores
Figure 21: Resolution Criteria
Figure 22: Card Issuers’ Scores Based on Customer-Facing Security
Figure 23: Card Issuers’ Prevention Features and Services
Figure 24: Card Issuers’ Prevention Features and Services (Continued)
Figure 25: Card Issuers’ Detection Features and Services
Figure 26: Card Issuers’ Detection Features and Services (Continued)
Figure 27: Card Issuers’ Resolution Features and Services
- American Express
- Google
- Apple
- HSBC
- Associated Bank
- JPM Chase
- Bank of America
- Navy FCU
- Barclays
- Nordstrom
- BB&T
- Pentagon FCU
- Cabela's WFB
- PNC
- Capital One
- State Farm Bank
- Citibank
- SunTrust
- Citizens
- U.S. Bank
- Discover
- USAA
- Fifth Third Bank
- Wells Fargo
- First National Bank of Omaha
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