Credit card issuers can do more on safety: Study

New York: Credit card companies could make customers' accounts and identities more secure with a few simple steps.

That's what consulting firm Javelin Strategy & Research says in a study looking at the policies banks use to protect customer data.

Javelin gave Bank of America its highest score for safety among the top U.S. card issuers. It's the third largest U.S. card issuer. The biggest card issuer, American Express, was ranked seventh for safety.

Javelin says card companies do a good job resolving fraud problems once they occur, but fall short on prevention and detection. The easiest way to improve those areas is to involve the customer more, by creating things like alerts that help card users notice false charges before they go through.

Account fraud totals about $37 billion annually.

Source: Financial Express