Credit Card Security: The Winners and Losers - Other News


ADVERTISING DISCLOSURE: is an independent, advertising-supported web site. receives compensation from most 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. 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

Credit Card Security: The Winners and Losers
The content is accurate at the time of publication and is subject to change.
This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.

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.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

MasterCard Steps Up Fraud and ID Theft Prevention
MasterCard Steps Up Fraud and ID Theft Prevention

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
Bank of America Outfitting Debit Cards With EMV

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
American Express Fighting Fraud With Small Merchants

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.
Introducing the New Citi Rewards+ Card - the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap
For Excellent, Good Credit
Enjoy 70,000 bonus miles after spending $5,000 on purchases in the first 90 days
For Good/Excellent Credit
See Rates & Fees
Perfect credit not required for approval; we may approve you when others won’t
For Fair/Bad Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!