Banks Not Doing Enough To Stop ID Theft: Report
Steven Martin writes in InformationWeek:
Despite all the headlines about the growing problem of identity theft, most financial institutions that provide credit cards are doing an inadequate job of attacking the problem, focusing on resolution rather than prevention and detection, according to a report [.pdf] released this week by Javelin Strategy & Research.
The report ranked leading card-issuing banks based on three criteria: prevention, detection, and resolution. Issuers could score a maximum of 100 points: 40 points each for prevention and detection, and 20 points for resolution. The rankings were based on a survey of 39 banks in which researchers posing as customers asked about the bank's ID theft policies. Prevention and detection were weighted more heavily than resolution because of their greater potential benefits and cost savings.
The average score for all banks was an unimpressive 41 points. The issuers and products scoring the highest were Discover Platinum Card (59 points), FNB Omaha Platinum Edition Visa Card (58 points), Citibank Platinum Select Card (57 points), Bank of America Visa Platinum (55 points), American Express Blue (54 points), and Chase Platinum (54 points). The survey didn't disclose which banks had the lowest scores.
posted by Fergie @ 6/16/2005 11:45:00 AM
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