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
Dog-lovers can get checks or credit cards printed with pictures of adorable pups. If you’d rather be at the beach, you can carry a credit card picturing the waves and sand. And now sports fans can order a new credit card with the logo of their favorite teams and players.
Loyal JetBlue customers have another reason to use Chase credit cards: the banking giant and credit card issuer has announced that the JetBlue TrueBlue loyalty program is the newest Chase Ultimate Rewards partner, and cardholders will now be able to redeem their reward points for travel on the airline.
Good news for American Express Platinum cardholders who live or travel in the Denver area: American Express has just announced plans to add a Centurion lounge to the Denver International Airport (DIA). And it will be huge—over 14,000 square feet—making it the second-largest Centurion lounge location.
The Walt Disney Company and Chase Card Services recently announced that they will continue their longstanding relationship, extending their co-branded Disney Visa Card, Disney Premier Visa Card and Disney Visa Debit Card programs in a multi-year agreement.
According to the 2017 Direct Retail Banking Satisfactions study, Discover is the second of the nine participating U.S. direct banks, scoring 869 points out of 1,000, being one in three banks topping the industry average for overall satisfaction.