According to the new study conducted by Javelin Strategy & Research, Bank of America took top honors for the second year in a row in the report ranking the largest U.S. banks on how well they protect their customers from fraud and identity theft. JPMorgan Chase, Washington Mutual and Wells Fargo tied for second place, and Citibank came in fifth.

The study focused on 25 major U.S. banks that together hold 50% of U.S. checking-account deposits. One of the major drawback of this study is they just measured banks’ policies for preventing, detecting and resolving fraud. However, they didn’t get the feedback from their customers. So I don’t believe the ranking reported by Javelin Strategy & Research. As we all know that banks will have their own strategy to prevent the identity fraud. Every bank will try their best to protect their customers. To a certain degree, the policies mean nothing. How to execute the policy is much more important than how to make the policy. From my point of view, JPMoragn Chase will be ranked as the top safe bank, Washington Mutual and Wells Fargo will be tied for the second place. Bank of America will be ranked as the fourth safest bank. As for Citibank, I don’t believe they are a safe bank. They have way too many Indian customer service representatives, and you can imagine how they will “protect” your account.

You can see the full report here.