Study Shows Top Credit Cards for Consumer Identity Safety

Study Shows Top Credit Cards for Consumer Identity Safety

January 28, 2016         Written By Lynn Oldshue

Javelin studied the nation’s top 20 credit card issuers to determine the leaders in consumer identity safety. Those topping the 2016 list are: American Express, Bank of America, Capital One, Chase, Citibank, PNC, SunTrust, USAA and Wells Fargo.

To assess credit card issuers’ account security features, Javelin used its Prevention, Detection and Resolution Model. The study found:

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• Bank of America has long been “Best in Class” but was edged out by one percentage point by USAA this year. Unlike most issuers, USAA offer credit monitoring, public information monitoring and identity fraud insurance as add-on features.

• Prevention is the most difficult fraud category. Only Bank of America, USAA, Citibank, American Express, Chase and PNC stood out in this category, as they offer customer-defined controls and advanced mobile and online authentication procedures.

• Fraud detection features showed the biggest gaps between top performing credit card issuers and lower tier issuers. The top five companies in detection were USAA, Bank of America, American Express, Wells Fargo and Capital One. They scored 72% to 97% of possible points, while the fourth and third quartile issuers scored only 28% and 51%. It is anticipated that account takeover will grow, so risk alerts, such as cash advances and changes in personally identifiable information, are very important.

• USAA and PNC were tied as leaders in fraud resolution with perfect scores. They were followed closing by a tie among Bank of America, Citibank and SunTrust. Expedited card replacement and the ability to report a lost/stolen card from a mobile device distinguished the top companies.

Many companies are making advancements at the resolution level. Most issuers resolved fraud claims quickly. In fact, two-thirds of fraud victims had their claim resolved in less than an hour.

The study profiled American Express, Bank of America, Barclaycard, BB&T, Capital One, Chase, Citibank, Citizens Bank, Commerce Bank, Discover, Fifth Third, First National Bank of Omaha, Navy Federal Credit Union, Pentagon FCU, PNC, SunTrust, TD Bank, USAA, US Bank, and Wells Fargo.

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The information contained within this article was accurate as of January 28, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Lynn Oldshue

Lynn Oldshue has written personal finance stories for for twelve years. She majored in public relations at Mississippi State University.
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