I think we all assume the companies that issue credit cards will do everything possible to prevent and detect the fraudulent use of that card. But according to a recent report from Javelin Strategy & Research, that’s not always the case.
They looked at policies and procedures at 24 of the country’s top credit card issuers and found that financial institutions do a much better job than retailers when it comes to credit card security.
Javelin named Bank of America “best in class” for the seventh consecutive year with an overall score of 70 percent, significantly higher than the average score of 55 percent.
Clearly, it’s better for the bank and the customer to stop fraud, rather than deal with it afterward. USAA earned the top score for preventing fraud. Bank of America was a close second in the prevention category, followed by Citi.
Javelin named Wells Fargo best at detecting fraud.