Want to know if your bank is protecting your hard-earned cash? A survey from Javelin Strategy & Research ranks the institutions according to how well they protect, detect, and resolve fraud. The biggest banks top the list, largely for enabling consumers to monitor their own accounts.
The top institutions send E-mails or text messages when transactions occur, rarely ask for your Social Security number, and let you eliminate your paper trail by banking online.
Jim Van Dyke, president of Javelin, says most banks are great at resolving fraud cases after the fact—when it's often too late. The average victim of identity theft loses $535 in out-of-pocket costs, plus 25 hours of time. The earlier fraud is detected, says Van Dyke, the lower those numbers.
