Abstract
Overview
How Well Do Financial Institutions Protect their Consumers and Allow Consumers to Protect Themselves?
U.S. financial institutions (FIs) have made great strides in customer-facing
identity fraud detection and overall behind-the-scenes fraud mitigation, yet
still need to capitalize on opportunities to partner with customers for fraud
prevention. Javelin' s third annual Banking Identity Safety Scorecard is
updated to reflect the latest criminal methods and opportunities, and shows
specific ways that individual financial institutions (FIs) can increase
customer safety and loyalty by partnering with account holders to fight a
common enemy: the identity fraud criminal. The twenty-four institutions
included in the study collectively represent over 60% of the U.S. market in
2006 by dollar value of deposits, according to the FDIC. This report uses a
combination of mystery-shopper and Web site research to score leading U.S.
providers against exacting Prevention, Detection, and Resolution™
criteria derived from Javelin' s nationally representative 2006 Identity Fraud
Survey Report.
Primary Questions
- Which customer safety features most differentiate the top financial
institutions?
- What are today' s best investments for reducing the cost of identity fraud
and building consumer confidence?
- Where is banking safety strongest or weakest, and what is the future
outlook?
Findings and Analysis
U.S. financial institutions have made the strongest improvement in customer
self-detection capabilities, potentially stopping fraud sooner by adding email
alerts that make it easier and faster for customers to discover suspicious
activities. Meanwhile, FIs are holding steady in offering prevention features,
such as anti-phishing email policies, elimination of paper media or
eradicating the use of the full nine-digit Social Security number (SSN).
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