Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Products
Javelin updates protection criteria via safety survey
SAN FRANCISCO (12/23/09)--Javelin Strategy and Research has updated its fraud prevention criteria so financial institutions can help consumers enroll in mobile banking without requiring online banking sign-up and providing a password manager. The criteria are used in Javelin’s surveys to test financial institutions’ consumer-facing identity fraud, prevention, detection and resolution capabilities. Javelin recently conducted a survey to show how financial institutions can increase safety and loyalty through security measures. Researchers contacted financial institutions with questions about identity theft and recorded the number of calls needed to answer the questions. An average of 6.2 calls was needed to answer the questions, Javelin found. To receive credit, an institution must have a security feature that satisfies the criteria and the service must be provided for free. Overall, financial institutions have improved their prevention by 27 percentage points, and slightly improved detection and resolution capabilities, Javelin said. Half of fraud is discovered by victims themselves. Fraud costs up to $48 billion in losses. “It is critical to empower consumers to self-detect and self-monitor their accounts,” Javelin said. The firm recommended that consumers regularly review their credit information. Javelin uses mystery shopping and website research to score financial institutions by gross annual deposit volume against the criteria. Javelin’s most recent study represents about 50% of the U.S. market in 2009, by dollar value of deposits.


RSS





print
News Now LiveWire
.@CUNA , trades unite to urge Congress on #datasecurity action http://t.co/gzmZGX9nfF
2 hours ago
State of Wash. @dficonsumers has expanded its CAMEL ratings to include an "S" for interest-rate sensitivity.
2 hours ago
.@HUDgov tweets: Be sure to tune in tonight to watch @SecretaryCastro on @TheDailyShow with Jon Stewart http://t.co/B1L23NQaoJ
3 hours ago
.@NJCUL Southern Chapter meeting canceled due to the impending snowstorm
3 hours ago
.@CUNA staff preparing for today's #RBC2 webinar http://t.co/9rVX41DLfQ
4 hours ago