New Report Shows Top U.S. Banks Succeeding in Identity Fraud Resolution, Slower Progress In Detection and Prevention Capabilitie
Javelin Strategy & Research Finds New Alert Technologies, Consumer Monitoring Key to Catching Identity Fraud Early
SAN FRANCISCO--(www.AllPayNews.com)--Javelin Strategy & Research today announced its latest report, the 2007 Banking Identity Safety Scorecard, an annual ranking and study of the top 25 U.S. banks in areas of identity fraud prevention, detection and resolution. This year, financial institutions showed strength in resolution practices, but vulnerability in prevention and detection. Javelin analysts recommend that banks provide more account monitoring tools to its customers and empower them to "watch and catch" identity fraud earlier.
The 2007 Scorecard ranked Bank of America highest, earning 78 points out of a total possible score of 100. Tied in second place are JP Morgan Chase, Washington Mutual and Wells Fargo, each earning 70 points. Citibank ranked third with 69 points; BB&T and Wachovia earned the fourth and fifth highest scores.
On the whole, the average financial institution met 77% of the recommended resolution criteria, but showed slower progress in detection and prevention measures. In the 2007 Scorecard, the average bank achieved only 44% of Javelin