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September 23, 2015

First Tennessee Bank to roll out EMV chip cards

First Tennessee Bank, a subsidiary of First Horizon National, is set to introduce EMV chip-enabled credit, debit and prepaid cards from October 2015.

By Verdict Staff

First Tennessee Bank, a subsidiary of First Horizon National, is set to introduce EMV chip-enabled credit, debit and prepaid cards from October 2015.

EMV chip cards make use of an embedded microchip to convert cardholder information into a unique code that is hard to duplicate, thereby improving security against fraud.

The rollout will start in October with chip-enabled credit cards, followed by debit cards in January 2016 and later prepaid cards.

Existing magnetic-stripe cards will be replaced, free of cost to customers, with EMV chip cards after they expire or following a request for a replacement card.

To use the new chip cards, customers need to insert it into the reader and keep it there till the transaction is completed.

The new cards will however, also incorporate a magnetic stripe to enable customers to swipe their cards in case an EMV-enabled terminal is not present.

First Tennessee head of consumer banking Dave Miller said: "Security breaches at national retailers have put customer information at risk and inconvenienced customers who have to replace their cards.

"The chip-enabled cards will offer an extra layer of protection for customer data. First Tennessee is working hard to stay ahead of fraudsters and protect customers."

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