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How Secure Is Your Bank?

Last week, Javelin Strategy & Research announced the results of their 2007 Banking Identity Safety Scorecard. The report studied identity fraud prevention, detection and resolution for the top 25 banks in the USA. According to the report:

"This year, financial institutions showed strength in resolution practices, but vulnerability in prevention and detection. Javelin analysts recommend that banks provide more account monitoring tools to its customers and empower them to “watch and catch” identity fraud earlier."

Selected ratings for some banks (100 points total possible score):

  • Bank of America -- 78 points
  • (Tie) JP Morgan Chase, Washington Mutual and Wells Fargo -- 70 points
  • Citibank -- 69 points

According to the report:

"... the average financial institution met 77% of the recommended resolution criteria, but showed slower progress in detection and prevention measures. In the 2007 Scorecard, the average bank achieved only 44% of Javelin’s recommended prevention standards and 51% of the detection criteria."

The report included 5 recommendations for consumers:

  1. "Enroll in mobile and email account alerts."
  2. "Turn off paper statements."
  3. "Stay alert for phishing scams."
  4. "Frequently monitor accounts."
  5. "Don'€™t use your full social security number."

That's definitely good advice.

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