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