Rettirement fraud
These banks are tops at protecting consumers from ID fraud
09/11/07 07:50 Filed in: RETIREMENT FINANCIAL HEALTH
These banks are tops at protecting consumers from ID fraud
MarketWatch
By Andrea Coombes
SAN FRANCISCO (MarketWatch) -- Bank of America Corp. took top honors for the second year in a row in a report ranking the largest U.S. banks on how well they protect their customers from fraud and identity theft.
J.P. Morgan Chase, Washington Mutual Inc. and Wells Fargo Co. tied for second place, and Citibank came in third in the study published Wednesday by Javelin Strategy & Research.
The study looked at 25 banks that together hold 50% of U.S. checking-account deposits... The study measured banks' policies for preventing, detecting and resolving fraud, focusing on measures that consumers experience, not internal bank security policies. For instance, banks got top marks for alerting customers of unusual transactions -- say, a wire transfer to a foreign country or an unusually big withdrawal amount...alerts are particularly important because almost one out of two cases of identity fraud are first detected by the individual.
Lowest-ranked were Comerica with a score of 24, Banco Popular with 31 and Bank of the West with 35.
MarketWatch
By Andrea Coombes
SAN FRANCISCO (MarketWatch) -- Bank of America Corp. took top honors for the second year in a row in a report ranking the largest U.S. banks on how well they protect their customers from fraud and identity theft.
J.P. Morgan Chase, Washington Mutual Inc. and Wells Fargo Co. tied for second place, and Citibank came in third in the study published Wednesday by Javelin Strategy & Research.
The study looked at 25 banks that together hold 50% of U.S. checking-account deposits... The study measured banks' policies for preventing, detecting and resolving fraud, focusing on measures that consumers experience, not internal bank security policies. For instance, banks got top marks for alerting customers of unusual transactions -- say, a wire transfer to a foreign country or an unusually big withdrawal amount...alerts are particularly important because almost one out of two cases of identity fraud are first detected by the individual.
Lowest-ranked were Comerica with a score of 24, Banco Popular with 31 and Bank of the West with 35.