In view of the recent data theft at CitiGroup where millions of customers’ accounts were left compromised, there is an increasing need for credit card lenders to improve the measures they are taking to ensure the confidentiality and safety of customer data.
One of the research firms in the country, Javelin Strategy and Research, conducted an extensive study in this field and revealed their findings on Tuesday. Among the many leading credit card lenders in the market today, Javelin Strategy and Research, places Bank of America right at the top. This third largest issuer in the United States scored an overall score of 87 out of a possible 100 to claim the top spot in terms of adequate safety measures. The largest credit card lender in the United States, American Express, with a total score of 66 occupied the seventh spot while JP Morgan Chase, the second largest lender in the country, occupied the sixth spot with a total of 67 points.
As a part of the study, a total of 45 points were set aside for prevention efforts, while 35 points and 20 points were set aside for detecting problems and resolving frauds respectively. There were a total of 23 major lenders taken into consideration and the average score stood at 59.
The managing director of Javelin’ security, fraud and risk division, Phil Blank, said that it was surprising to see that prevention was a major concern in most of the banks evaluated.
