Bank of America (BofA), USAA and Wells Fargo have emerged as the most secured credit card-issuing banks, according to Javelin Strategy and Research’s (JS&R) 9th Annual Credit Card Issuers’ Identity Score Card.
The JS&R study also assessed the following banks – Capital One, First National Bank of Omaha, American Express, Citibank, Discover, Pentagon Federal Credit Union, PNC, Associated Bank, Barclays, BB&T, Navy Federal Credit Union, Cabela’s WFB, State Farm, Chase, Fifth Third, GE Capital Retail Bank, Nordstrom, Target, US Bank, RBS, and SunTrust.
The JS&R studied each of the company’s security features and initiatives taken by them to protect their customers from credit card frauds.
According to the study, all the 24 financial institutions scored an average of 55%, while BofA alone scored 70%.
While USAA won the award for Best in Prevention category, the Associated Bank and SunTrust topped the Best in Detection category.
The least ranked companies were Nordstrom (18%), Target (22%) and Cabela’s WFB (29%).