The team at credit, debit and ATM card maker EFT Source in September churned out more than 3 million items from their Nashville and Colorado Springs locations, helped in no small part by the need to replace cards compromised by high-profile data breaches. At one point last month, weekly production ran 37 percent higher than the company's previous record.
SEE ALSO: Colorado company buys EFT Source from August
Executives at First Tennessee say they will next year begin replacing customers' credit cards with chip cards, which have a much higher level of security. The bank's announcement came on the same day that JPMorgan Chase disclosed that it was hacked this summer and that information on 83 million accounts was compromised.
"There will be a period of adjustment for consumers," said Dondi Black, who manages retail payments for First Tennessee. "For example, chip cards are not swiped, but rather inserted into the terminal where they remain for the duration of the transaction." With some terminals, customers will be able to touch the EMV card to the terminal to complete the payment. First Tennessee's EMV cards will have this capability right away. "We believe customers are fatigued by numerous merchant breaches and will welcome a solution like ours that provides an additional layer of protection and makes the purchase process faster and more convenient," Black said.
Arts and crafts retailer Michaels said Thursday that about 3 million customer credit cards have been affected by breaches of some of its payment processing systems that started last May. To see the five Nashville-area stores affected, go to page 37 of this document.
POSTDATA: WARRANTY DEEDS