Bank of America takes identity fraud protection very seriously and for the 5th consecutive year it took top honors in Javelin Strategy & Research's 2008 Banking Identity Safety Scorecard, which ranks banks and credit unions on their customer facing identity fraud prevention, detection and resolution capabilities. The 2008 scorecard placed Bank of America highest over all, with 77 points, while the remaining banks included in the study scored an average of 58.
Javelin is the leading provider of quantitative and qualitative research focused exclusively on financial services. The study looked at 25 U.S. financial institutions and measured their customer facing capabilities for preventing, detecting and resolving fraud. Their evaluation was based on consumer experience rather than internal bank security policies.
James Van Dyke, president and founder of Javelin Strategy & Research says, "Based on our precise scoring criteria and a rigorous mystery shopper process, we found that Bank of America excels in partnering with their customers in the battle against indenting fraud. Identity crimes are unique in that they attempt to make victims out of both individuals and financial institutions, so businesses that partner with their customers to defeat these criminals have the greatest success in fraud mitigation."
"The Javelin study reinforces the approach we've taken to protecting our customers from fraud. It's no longer enough that we protect individual transactions, products and channels, we have have to work hand in hand with our customers to protect their entire relationship," says Bob Shiflet, Global Consumer Fraud Prevention executive. "This recognition demonstrates the strength of our integrated efforts to safeguard our customers' identities, assets and financial information with industry best practices that reach across the company."
According to Javelin, one of the strongest indicators of successful identity theft prevention and detection is the ability to protect customer activity online and make customers aware when suspicious activity occurs on their accounts.
"This award is a testament to the hard work of the e-commerce and ATM team and our partners across the bank," said Laurie Redhead, e-commerce, Phone and ATM executive. "Our industry leading SiteKey and SafePass products,as well as the more than 41 different alerts available to notify customers of any questionable activity, have been instrumental in keeping our customers' identity and date safe and secure."
With all the bad press Bank of America has been getting lately at least your money is as far as identity theft goes.
2 comments:
Bank of America's tellers, on seven separate occasions, gave my money to thieves with ONLY a fake driver's license in my name with the wrong expiration date. No bankcard was demanded, no PIN was required, no signature was checked. SEVEN TIMES.
People ran tests for me at teller windows in BofA branches in various places in the country and found the same level of "security."
Sorry to hear your faith is lost. When I was a teller we had strict protocol and when I was a manager I re-enforced that protocal. Even today when I go to the bank the strict identity protection is enforced. I would definitely let management know if you haven't already. Those kind of incidences should not be tolerated.
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