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December 11, 2014

Discover Financial Services to spend $35m on chip cards

Discover Financial Services is set to spend over $35m in 2015 on new credit cards containing computer chip to combat fraud.

By Verdict Staff

Discover Financial Services is set to spend over $35m in 2015 on new credit cards containing computer chip to combat fraud.

Discover Financial Services CEO David Nelms said that the expenditure will include the cost of issuing new cards and the expenses to prepare Discover’s card-processing network.

The company, which has signed an agreement with the Federal Deposit Insurance Corporation to enhance its money laundering prevention procedures, will also spend $75m next year to meet regulatory requirements on anti-money-laundering programs and to comply with the Bank Secrecy Act.

Federal Reserve will also enter into a regulatory agreement with the company regarding fraud prevention regimes, announced Discover.

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