According to the Identity Theft Resource Center, there have already been 216 credit card data breaches in 2011, including the Citi hack that resulted in $2.7 million of stolen funds. And while the number of breaches is down from 333 during the same period of time from last year, the security of our credit card information is still a big concern.
Earlier today, the folks at Javelin Strategy and Research released their annual security scorecard for credit card issuers, which looks at how equipped the top 20 card issuers are prepared to prevent, detect and resolve credit card fraud.
In a rare spot of good news for Bank of America, it received the highest score on the list (87/100), well ahead of runner-up Discover (74) and third-place finisher U.S. Bank (73). USAA (69) and Capital One (68) rounded out the top five.
The study was completed before the Citi hack became public. According to SmartMoney.com, the bank ranked ninth out of 20.
On the bad end of the list was State Farm, who may need to insure itself against a future credit card hack. It’s score of 43 was the lowest in the report.
As SmartMoney points out, credit card customers have minimal liability when their accounts are used fraudulently. Regardless, none of us want our information being made available to the public, especially anyone willing to risk hacking into a major credit card issuer.
The Credit Card Issuers That Keep You Safe [SmartMoney.com]