HomeATM Ranks Tops at Preventing Identity Fraud with Two-Factor Authentication. (2FA) It's great to detect Identity Fraud, but isn't it better yet, to PREVENT it? I know this might "sound" a little "sardonic" but really,  it isn't.  Some consider hackers to be the equivalent of a cancer on the web.  So I ask you...



If hacking is a cancer, would you rather be on a regimen aimed at preventing" the cancer from occurring...or one that "detects" it after it's too late?   Last I heard, cancer treatment  (even after "early" detection) wasn't a whole lot of fun. 



Well, neither are the steps necessary to "cure" the problems associated with Identify Fraud. So, given the two choices...I choose Prevention over Detection all day long. And You?



With 2FA:



1. What you have (your card) is SWIPED. What they (Hackers) have is your card NUMBER. (which, was also "swiped" albeit a different kinda swipe, as it was stolen) All they have to do it "type it" or "enter it".



2. What YOU know is (YOUR PIN). What they (Hackers) know, is that in a "card not present" environment, they don't need it. Therein lies the problem. There's not an OUNCE of prevention. So we are left with detection. Speaking of detection, if that's the best choice I am left with, then let me at least detect something meaningful...



I detect that we're doing it wrong...  Here's a definition.  I added the part in blue:  detect - discover or determine the existence, presence, or fact of; "She detected high levels of lead in her drinking water shortly before she died of lead poisoning"



Here's Discover's Press Release:



Riverwoods, Ill., Sept. 22, 2009 -- Discover ranks best in identity fraud detection among the top 25 U.S. credit card issuers in Javelin Strategy & Research’s yearly assessment of identity safety in the credit card industry.



In addition to the top rating on detection, Discover came in second overall on the fifth annual Card Issuers’ Identity Safety Scorecard by Javelin, a leading independent provider of financial services research and analysis. The scorecard also rates issuers on identity fraud resolution and prevention.



“Discover makes a constant effort to anticipate, create and deploy methods of protecting the identities of our cardmembers,” said Carlos Minetti, executive vice president of cardmember services and consumer banking. “Effective fraud detection is important in preventing customer disruption, as well as helping authorities track down criminals in the act. Our cardmembers and merchants depend on us for protection; it’s a responsibility we don’t take lightly and an effort that demands continuous vigilance and improvement.”



Discover has ranked among the top-scoring issuers since Javelin began the Identity Safety Scorecard five years ago.



Researchers score issuers on more than 40 criteria across the prevention, detection and resolution spectrum, including the establishment of various forms of authentication, transaction alerts and 24/7 account suspension and customer service.



Available security features for Discover cardmembers include:

• $0 fraud liability


• Secure online account numbers for Internet transactions


• Dedicated customer service specialists


• E-mail alerts


• Credits score monitoring


• Paperless statements


• Fraud prevention education tips

Go to www.Discover.com for more information.

About Discover



Discover Financial Services (NYSE: DFS) is a leading credit card issuer and electronic payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company operates the Discover card, America's cash rewards pioneer, and offers student and personal loans, as well as savings products such as certificates of deposit and money market accounts. Its payments businesses consist of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in 185 countries and territories. For more information, visit www.discoverfinancial.com .



Source: Company press release.