In todays global economy, all businesses are continually looking for ways to set themselves apart from their competition. One company, Javelin, is trying to help credit card companies find a way to build a better relationship with their customers while also providing them with a valuable service.
According to the research conducted by the company, 8.4 million Americans suffered from identity theft or fraud in one way or another. The total cost of this fraudulent activity was $50 billion and each victim spent an average of 25 hours trying to fight their case.
As it stands, only about 24% of credit card issuers allow their customers to make certain decisions regarding their cards, such as defining their own limits. In addition, more than half of credit card companies still require their cardholders to provide them with their full Social Security number when they wish to interact with a customer service representative. This, of course, leaves the card holder in a position where he or she can be taken advantage of by a con artist.
Javelin has put together a report that clearly states all of the security features the ideal credit card should include in order to provide cardholders with the highest level of security. These features include providing cardholders with e-mail alerts or mobile alerts when any high-risk change takes place on their account, particularly a change of address change. According to Javelin, credit card companies should also make it easy for their customers to monitor their credit reports and should put together an identity fraud assistance team to help their customers when affected by identity theft.
Javelin also released a list of the safest credit cards currently on the market, though none of the cards offer all of the security features that the report suggests.
The card issuers that were ranked as the overall safest were:
1.Bank of America – Visa Platinum
2.American Express – Blue from American Express
3.Discover – Discover Platinum and First National Bank Omaha – Platinum Edition Visa
4.Citibank – Citi Platinum Select MasterCard
5.Navy Federal Credit Union – Platinum MasterCard
The top cards in the area of fraud prevention were:
1. Citibank – Citi Platinum Select
2. Bank of America – Visa Platinum, First National Bank Omaha – Platinum Edition Visa, and Navy Federal Credit Union – Platinum MasterCard
3. Discover – Discover Platinum
4. JPMorgan Chase – Chase Platinum Visa
5. Nordstrom – Platinum Visa
Those that took top ranking for fraud protection included:
1. American Express – Blue from American Express
2. U.S. Bank – U.S. Bank Visa Platinum
3. Bank of America – Visa Platinum
4. Discover – Discover Platinum
5. Capital One – Capital One Platinum MasterCard
6. First National Bank Omaha – Platinum Edition Visa
7. Wachovia – Wachovia Visa
The top credit cards for fraud resolution were:
1. American Express, Bank of America, Capital One, Citibank, FNB Omaha, National City, Navy FCU, RBS National, State Farm Bank, Target, Wachovia
2. BB&T, Commerce Bank, Discover, Nordstrom, Sun Trust, U.S. Bank, WaMu, Wells Fargo
3. Fifth Third, GE, USAA
5. JPMorgan Chase