Account takeover fraud (ATO) on the rise impacting 1.4 million consumers and accounts for $2.3 billion in losses
San Francisco, CA, September 12, 2017
— Javelin Strategy & Research today announced its 2017 Account Safety in Banking Scorecard Awards
highlighting leaders from among the 28 largest depository financial institutions in the US – providing timely and actionable benchmarking tailored to current and emerging fraud trends.
Now in its tenth year, Javelin’s 2017 Account Safety in Banking Scorecard consists of 160 individual criteria related to protecting consumer depository accounts from third-party fraud threats. This year, Javelin renamed its “Identity Safety in Banking Scorecard” to “Account Safety in Banking Scorecard” to reflect the scorecard's emphasis on protecting consumer’s accounts from third-party fraud threats.
In 2016, identity fraud reached a record 15.4 million victims in the US. Most worrisome was the resurgence of account takeover, which rebounded from a low point in 2015 to impact 1.4 million consumers and account for $2.3 billion in losses. ATO is one of the most impactful fraud types and one which has the potential to dramatically undermine financial relationships.
2017 Account Safety in Banking Scorecard Awards
USAA takes the “Best in Class” award in Javelin’s 2017 Account Safety in Banking Scorecard with an impressive showing across all three categories. USAA distinguished itself as one of the few financial institutions to offer multiple biometric modalities to accountholders and with a robust set of alerts across a wide array of channels.
“Financial institutions’ account security measures must address an increasingly complex set of fraud threats,” said Al Pascual
Research Director and Head of Fraud & Security Practice at Javelin Strategy & Research. “Addressing these threats while facilitating consumers increasingly complex demands requires a robust and flexible set of tools.”
In addition to naming USAA as “Best in Class” for the 2017 Account Safety in Banking Scorecard Award, Javelin also named leaders in each account safety categories:
Prevention Category Leaders: Bank of America, Bank of the West, Fifth Third, USAA, and Wells Fargo
Detection Category Leaders: Bank of America, Comerica, Fifth Third, USAA, and Wells Fargo
Resolution Category Leaders: Bank of America, PNC Bank, TD Bank, USAA, and Wells Fargo
a complete list of 2017 Account Safety in Banking Scorecard award winner
2017 Account Safety in Banking Scorecard data consists of 160 criteria related to protecting consumer depository accounts from third-party identity fraud threats. Each criterion was weighted by Javelin to reflect its relevance to current and emerging threats facing consumer accounts. Additionally, criteria were divided into prevention, detection, and resolution. The overall score was a composite of these three categories, with prevention accounting for 45% of total points, detection for 35%, and resolution for 20%.
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About Javelin Strategy & Research
Javelin Strategy & Research, a Greenwich Associates LLC company, is a research-based advisory firm that helps its clients to make better-informed business decisions in a digital financial world. Our analysts offer unbiased, actionable insights and unearth opportunities that help financial institutions, government entities, payment companies, merchants, and other technology providers sustainably increase profits.