Just last month research firm Javelin Strategy & Research issued a press release with a list of what it believes are the key elements that would help create a security “dream card” that offers the maximum consumer protection available.

I thought they had some great ideas, even if nothing original. But it’s certainly a wish list that every bank and credit card issuer should study carefully, and included.

• Providing customers with the ability to restrict or allow certain types of transactions (e.g. cash advances, foreign transactions, card-not-present transactions).

• Using identifiers other than social security numbers for identity verification.

• Encouraging customers to protect their home computers with anti-virus software by encouraging banks to partner with security software vendors (e.g. Bank of America’s partnership with Symantec).

• Using a photo of account holder on card.

• Providing mobile device or email alerts of high-risk changes to accounts (e.g. replacement card sent out, PIN or password reset, change of physical address or email address).

• Notifying customers of new account set-ups. New accounts fraud is traditionally the most difficult for consumers to detect. Credit cards continue to be the most abused category of fraudulent new accounts.

• Instituting a comprehensive, up-to-date data breach resolution plan.

• Providing an identity fraud assistance team to help customers affected by fraud.

• Offering free identity fraud insurance.

According to the report only 24% of card issuers provide user-defined limits and/or prohibitions (UDLAPs) on cash advances, and more than half (56%) of top card issuers still require full nine-digit Social Security numbers when interacting with customers, whether by phone, Internet or mail.

I think Javelin has hit a home run with their recommendations, and combined could help to shut down most attempts at identity theft and fraud. Let’s see who’s listening.