Top Credit Cards for Fraud Protection
As data breaches mount up, you may want to choose a card whose issuer provides you with tools to counter fraud and will back you up if your information is stolen.
Javelin Strategy & Research recently ranked 20 leading credit card issuers based on the security measures they offer in three areas: prevention, detection and resolution. Among the prevention features were mobile and online authentication (the use of your voice or fingerprints to verify your identity) and controls that allow you to cap a transaction amount.
In the detection category, issuers were scored on features that allow customers to spot fraud—including alerts for unusually large purchases or password resets—as well as how those notifications are sent. And among the resolution criteria, Javelin favored issuers who help customers restore their accounts, including charge reversal and next-day card replacement.
USAA took the number-one spot for detection, tied with PNC for first place in the resolution category and came in second for prevention. Bank of America had a first-place finish for prevention; it was also among the top three in the other two categories. American Express, Capital One, Chase, Citibank, SunTrust and Wells Fargo all appeared among the top five in some categories.
One handy tool lets you switch off your card if it is lost or if your card number has been compromised. USAA offers the capability to both its credit and debit card users. Discover credit card customers have access to the feature, as do Capital One credit card holders who use the bank’s wallet app. Financial institutions that issue Visa cards can add the capability through Visa’s Consumer Transaction Controls service.