Card companies can do much more on consumer’s safety
Credit card companies can do a lot more to ensure the safety of their consumer’s accounts and their identities. All they need to do is to follow a few simple steps. Consulting firm, Javelin Strategy & Research has stated this after conducting a study. The results of the study were released on Tuesday, where it looks at various policies that the banks use while protecting consumer data.
Bank of America has been given the highest score by Javelin for following safety regulations. It is among the top US card issuers and has scored 87/100 points. This is the third largest bank in the US based on the money that is spent on their cards.
American Express is the biggest credit card issuer but has got the seventh position for safety with 66/100 points. JP Morgan Chase has been ranked sixth and has been given 67 points out of 100.
The scoring system as per the study was as follows:
- 45 points were given for prevention efforts.
- 35 points were given for detecting fraud.
- 20 points were given for resolving problems after they had been discovered.
On an average the scores that around 23 card issuers received was at 59.
It was found that card companies had actually done a good job in resolving fraud after it had been detected and this averaged to 18/20 points. However, most card companies had fallen short when it came to prevention of fraud and had averaged at a mere 24/45 points and detection had averaged 17/35.