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.
Latest Credit Card Issuers News
The news that Capital One Financial has struck a deal to buy Discover Financial Services shook up the credit card market, paving the way for Capital One to become the largest nation’s credit card issuer in the country. Capital One, a stalwart in the financial sector and the ninth-largest bank in the U.S., plans to […]
Citi has officially launched its new travel platform with the assistance of Booking.com, which Citi cardholders can use for earning and redeeming Citi ThankYou points. Citi Travel with Booking.com will replace the existing City Thank You Travel Center and will offer access to over 1.4 million hotel and resort options, as well as competitive pricing […]
An alliance between American Express and i2c is now focused on offering payment products in the American Express network through fintech companies. Amex announced its collaboration with payment and banking technology company i2c in April this year. The two partnered to create a platform that allows fintechs and financial institutions to launch cards more quickly […]
Continuing to live in the present reality and the ongoing COVID-19 pandemic, global giants of the financial and credit sector introduce new bonuses for the convenience of their customers. Mastercard, in turn, has announced new partnerships with DoorDash and HelloFresh offering new food and grocery delivery perks to Mastercard World and World Elite cardholders. According […]
Walgreens has recently announced its plans to enter the consumer financial services market. To be precise, the second-largest pharmacy store chain in the United States is going to start issuing credit cards and prepaid debit cards under its brand. The main reason for this expansion of the scope of activity is the losses incurred by […]
