Credit Card News
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Other » Credit Card Security: The Winners and Losers

Credit Card Security: The Winners and Losers

By
Add to Favorites:
Credit Card Security: The Winners and Losers
February
6

Bank of America, USAA and Wells Fargo have all come out on top in a new study looking at which credit cards are the best at fraud prevention, detection and resolution. Not surprisingly, retail credit cards like Target scored the lowest in the study.

The ninth Annual Credit Card Issuers’ Study by Javelin Strategy & Research looked at the records of 24 credit card issuers in order to learn more about fraud trends and ways to improve security.

Coming out on top

Bank of America was the overall winner earning Best in Class status for security, a spot they have held for the last seven years. The bank earned a grade of 70% (out of 100) on the study’s scorecard, coming in 15 points ahead of the industry average.

USAA came in first in the category of fraud prevention, followed by Bank of America, Citibank, Navy FCU, and State Farm. These issuers were effective at preventing fraud due to their focus on educating cardholders on how to keep their information safe, whether they are shopping online or in the store, or using social media networks.

Associated Bank and SunTrust tied for the top spot when it came to resolving fraud issues. A fast response time is an important part of resolution. Both of these issuers provide their customers with a line of credit or reverse fraudulent charges within 48 hours.

BB&T, Pentagon FCU, and PNC took the other three top spots in this category. All the winners adopted resolution initiatives that include creating a team to help customers resolve issues quickly and providing 24/7 account suspension once an issue is discovered. Cardholders are also off the hook for any fraudulent charges.

Wells Fargo was the best at actually detecting fraud, doing especially well at catching changes in cardholders’ credit card activity or account information. Fifth Third, First National Bank of Omaha, U.S. Bank, and Nordstrom were also in the top five. All these issuers pay attention to charges made when a credit card is used virtually, whether that’s shopping online or via phone. Only about a third of the issuers in the study provide this service. According to Javelin online purchases are made by criminals in just about half of fraud cases.

Retailers scored low

Retailers who issue credit card cards are often prime territory for criminals. The study looked at three retail credit cards, and they actually scored the lowest in the study when it came to prevention. Target and Nordstrom came in at the bottom of this category indicating that there is an opportunity for retailers to provide their customers with more effective protection.

Javelin Strategy & Research used a scorecard-based system when reviewing the profiles of the credit card issuers in this study, which included: Pentagon Federal Credit Union, PNC, RBS, State Farm, Bank of America, Barclays, BB&T, Cabela’s WFB, Capital One, American Express, Associated Bank, Chase, Citibank, Discover, Fifth Third, First National Bank of Omaha, GE Capital Retail Bank, Navy Federal Credit Union, Nordstrom, SunTrust, Target, Wells Fargo, U.S. Bank and USAA.

Add to Favorites:

Related News:

MasterCard Steps Up Fraud and ID Theft Prevention

By Elizabeth Nelson, Posted: June 17, 2014

In the face of several recent major data breaches and increasing consumer concern about payment security, MasterCard is putting in place new measures to protect cardholders. Continue reading
Bank of America Outfitting Debit Cards With EMV

By Dar Dowling, Posted: October 07, 2014

Bank of America will be integrating EMV technology into debit cards to increase security, making it the first U.S. bank to do so. This rollout will include all new and reissued consumer and business debit cards. Continue reading
American Express Fighting Fraud With Small Merchants

By Dar Dowling, Posted: March 13, 2015

Cyber security is on everyone’s mind these days, and to ramp up for the launch of the new EMV technology designed to help make using credit and debit cards safer for consumers and businesses, American Express has rolled out its Small ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 12.24%-22.24% based upon your creditworthiness.
For Excellent/Good Credit
1% cash back on select purchases, terms apply
For Fair Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit