Credit/Debit Cards, Cyber Security

Study: Credit card-issuing institutions surpass card-issuing retailers in fraud prevention

Credit_CardA recent study conducted by Javelin Strategy & Research found that banks like Bank of America, USAA and Wells Fargo have surpassed credit card-issuing competitors in the prevention, detection and resolution of credit card fraud.

The annual study scored 24 of the top credit card issuers in the country, including American Express, Associated Bank, BofA, Barclays, BB&T, Cabela’s, Capital One, Chase, Citibank, Discover, Fifth Third, First National Bank of Omaha, GE Capital Retail Bank, Navy Federal Credit Union, Nordstrom, Pentagon Federal Credit Union, PNC, RBS, State Farm, SunTrust, Target, U.S. Bank, USAA and Wells Fargo.

“Retailers, common targets for data breach crimes, scored lowest in Prevention and among the lowest overall,” Al Pascual, a senior industry security, risk and fraud analyst at Javelin, said.The three retailer issuers reviewed placed lowest in Prevention — Cabela’s WFB (29 percent), Target (22 percent), and Nordstrom (18 percent) — indicating inattention to factors that could help to lower these issuers’ overall incidence of card‐associated fraud.”

For the seventh year in a row, BofA held its top position in security with an overall score of 70 percent, compared to the average of 55 percent.

USAA was named Best in Prevention with a score of 64 percent, and Associated Bank and SunTrust tied for Best in Resolution with scores of 90 percent. Wells Fargo was awarded Best in Detection with a score of 83 percent.

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