Bank's Scorecards on ID Theft Weak
According to a report by Research and Markets, banks are lacking some basic online mitigation capabilities that could prevent, detect and solve identity theft problems.
The report scored 40 of the nation's top banks on whether they had certain safeguards in place, how they were using those safeguards and how their customers felt about the banks' online safety. The scores show that more than half of the banks did not offer the option of eliminating paper statements, a root cause of identity theft. Of customers surveyed, 72 percent said they wanted the ability to receive immediate electronic alerts of suspicious transactions, but only one bank offered such a service. The report pointed out that while some banks offer online email alerts, those emails typically target convenience-oriented information such as bill payment confirmation or simple account balance updates. The report also showed that no banks offered email alerts on changes to credit bureau information, while nearly half of customers surveyed said they would value this type of alert.
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 5, 6/05
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