Best Banks for Handling Identity Theft

Anyone who has been a victim of identity theft knows that once you discover that someone has used your name, credit cards, or other personal and financial information for fraudulent purposes, the road to restoring your good name and credit is long and difficult.

However, dealing with a cooperative bank can make this uphill battle a bit easier. A recent survey by Javelin Strategy & Research rated banks based on their ability to prevent, detect and resolve identity theft. Out of 24 of the top banks in the United States, Bank of America, JP Morgan Chase and Washington Mutual topped the list.

Most banks, by now, should be able to handle identity theft complaints. Detection and prevention will set a bank ahead of the rest. According to the study, Bank of America took the biggest step toward prevention with two-factor authentication, a method others will probably soon adopt since multiple-factor authentication was recommended by the Federal Financial Institutions Examination Council. Other suggested prevention and detection methods suggested include sending alerts and encouraging frequent online monitoring for one's own account.

So how does your bank do in your opinion? Does your bank practice secure methods and encourage customers to do the same? While my bank is a regional bank rather than a large national one, my identity theft complaint was handled promptly, and I was refunded in a timely manner. They went over their online banking instructions with me personally and encouraged me to log in often to check on my own account, and the bank manager called me at home twice to make sure I wasn't having any further trouble with my accounts. While they are too small to make a national list, I am highly satisfied with their services and would personally award them with a high rating.