Financial Institution Credit Cards Score High in Security, compared to Retailer Credit Cards

Jan 22, 2014

Financial Institution Credit Cards Score High in Security, compared to Retailer Credit Cards

Bank of America Maintains Best in Class Status, while USAA, Wells Fargo, SunTrust and Associated Bank Earn Top Awards too

San Francisco, CA, January 22, 2014: The results of Javelin Strategy & Research (@JavelinStrategy) recent study of credit card issuers' security show that Bank of America, USAA and Wells Fargo are topping all competitors in prevention, detection and resolution.  Javelin's ninth annual credit card issuers' study scores 24 of the nation's top credit card issuers – providing credit card issuers with insight into recent fraud trends, and ways they can improve their security posture.

Card fraud is highly pervasive. Affecting 7.5 million Americans in 2012, total card fraud losses reached almost $8 billion in 2012.  Credit card accounts were the most common account takeover target, affecting 36% of consumers who experienced account takeover in 2012. The scorecard analyzes the security features of the nation's top credit card issuers using Javelin's Prevention, Detection, and Resolution Model™, which has become an important tool for issuers in thwarting fraudsters.

"Retailers, common targets for data breach crimes, scored lowest in Prevention and among the lowest overall. The three retailer issuers reviewed placed lowest in Prevention — Cabela's WFB (29%), Target (22%), and Nordstrom (18%) — indicating inattention to factors that could help to lower these issuers' overall incidence of card‐associated fraud." said Al Pascual, Senior Industry Analyst, Security, Risk & Fraud at Javelin Strategy & Research.

  • Bank of America Earns Best in Class in Security. For the seventh year in a row, Bank of America held its top-ranked position with an overall score of 70%, compared to the average score of 55%.
  • USAA Earns Best in Prevention Category. Javelin awarded Best in Prevention to USAA as the financial institution has continued its focus on fraud prevention
  • Associated Bank and SunTrust tied for Best in Resolution. Associated Bank & SunTrust offer 24/7 account suspension after a fraud event, promote zero liability for fraudulent transactions, and offer a team to assist cardholders with identity fraud resolution.

The study profiles the following credit card issuers: American Express, Associated Bank, Bank of America, Barclays, BB&T, Cabela's WFB, Capital One, Chase, Citibank, Discover, Fifth Third, First National Bank of Omaha, GE Capital Retail Bank, Navy Federal Credit Union, Nordstrom, Pentagon Federal Credit Union, PNC, RBS, State Farm, SunTrust, Target, U.S. Bank, USAA, and Wells Fargo.

View Complete List of Javelin Credit Card Issuer's Identity Safety Award Winners for 2013

Learn More: 9th Annual Credit Card Issuer's Identity Safety Scorecard: Preventing Fraud Through Improved Authentication and Customer Engagement

About Javelin Strategy & Research
Javelin Strategy & Research, a Greenwich Associates LLC company, provides strategic insights into customer transactions, increasing sustainable profits for financial institutions, government, payments companies, merchants and other technology providers. Javelin's independent insights result from a uniquely rigorous three-dimensional research process that assesses customers, providers, and the transactions ecosystem.

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