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2008 Banking Identity Safety Scorecard: Authentication and Alerts are the Key to Acquire, Retain, and Empower Customers


Description: Javelin’s 2008 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 each year 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 (averaging 5.8 calls per institution) and Web site research to score 25 leading U.S. providers against relevant Prevention, Detection, and Resolution™ criteria, collectively this study represents 50% of the U.S. market in 2008 by dollar value of deposits, according to the FDIC.

Primary Questions

-How can banks and credit unions benchmark their efforts in the battle against a $45B U.S. identity fraud problem?

-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 now to increase customer safety through Prevention, Detection and Resolution™?

-Within the U.S. banking industry, where is banking safety strongest and where is it most vulnerable?

-Which customer safety features will most differentiate financial institutions in the future?

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 approximately 50% of the U.S. consumer DDA market by deposits.


Contents: Overview
Primary Questions
Findings and Analysis
Methodology
Comparing the 2008 Scorecard and Previous Methodologies
Executive Summary and Key Recommendations
Behind-the-Scenes Fraud Mitigation Efforts
Top-Ranked Banks Partner With Customers to Protect Against ID Fraud
Key Recommendations
Prevention
Detection
Resolution
Prevention, Detection, and Resolution™ Model Provides a Framework for Empowering
Customers
Prevention
Strong Authentication Across Remote Channels Will Improve Security
Multi-factor and Mutual Authentication in All Channels
Online-Only Authentication for New Accounts
Extended Validation Certificates
Review and Release
Social Security Number Prohibition and Security Education
FI Education Efforts Strong; but Non-Essential Use of Full SSNs Creates Vulnerability
User-defined Limits, Alerts, or Prohibitions
Detection
Partnering With Alerts Automates Detection of Problems for Customers
Credit Monitoring Services
Account-Related Alerts
Information Change Alerts
FI Security-related Alerts Improve Over 2007 but Still Show Room to Expand
Resolution
Banks Excel in Identity Fraud Resolution Services for Consumers
Follow-up From FIs
Next-Day Availability of Funds
Next-Day Replacement of Debit Card
2009 and Beyond: What’s On the Horizon
Appendices: Full Rankings for Institutions Reviewed
All Financial Institutions: Prevention Score
All Financial Institutions: Detection Score
All Financial Institutions: Resolution Score
Related Research
Companies Mentioned

Tables of Figures

Figure 1: Year-to-Year Scores for Prevention, Detection, Resolution, 2005-2008
Figure 2: Top Rankings for 2008 Banking Safety Scorecard
Figure 3: Overall Highest Rankings 8 to 10
Figure 4: Javelin’s Prevention, Detection, Resolution™ Model
Figure 5: Top Performers in Prevention
Figure 6: Prevention Rankings 9 to 25
Figure 7: Percentages of Financial Institutions Meeting Prevention (Authentication) Criteria
Figure 8: Percentages of Financial Institutions Meeting Prevention Criteria
Figure 9: Top Performers in Detection
Figure 10: Detection Rankings 10 to 25
Figure 11: Percentages of Financial Institutions with Account Alerts
Figure 12: Percentages of Financial Institutions with Personal Information Change Alerts
Figure 13: Top Performers in Resolution
Figure 14: Resolution Rankings 4 to 25
Figure 15: Percentages of Financial Institutions Meeting Resolution Criteria
Figure 16: All Financial Institutions: Total Score
Figure 17: All Financial Institutions: Prevention Score
Figure 18: All Financial Institutions: Detection Score
Figure 19: All Financial Institutions: Resolution Score


Companies Mentioned Apple (iPhone) Kaspersky Banco Popular M&I Bank of America MasterCard Bank of the West McAfee BB&T National City ChoicePoint Navy FCU Citibank PNC Citizens (RBS) Regions Comerica RSA Entrust Sovereign Equifax SunTrust Experian Symantec Fair Isaac TD Bank Federal Trade Commission T-Mobile (G-Phone) Fifth Third Bank TransUnion First Data Trend Micro GeoTrust Union Bank of California Golden 1 US Bank HSBC VeriSign IBM Visa Identity Theft Assistance Wachovia ING Direct Washington Mutual JPMorgan Chase Wells Fargo


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