JPMorgan Chase is to exit the prepaid cards, about a month after news that a breach may have compromised 465,000 of its prepaid cardholders. The cards are used for corporate payrolls, as well as government tax refunds and benefits.
The bank issued a statement last week that it is exploring a number options for its prepaid business, including selling it off. JPMorgan also announced that it would no longer solicit or accept any new prepaid business.
The bank said in September that the web servers used by its site ucard.chase.com had been breached. Although JPMorgan stressed that it ordinarily keeps customers’ personal data encrypted, some of it appeared in plain text during the breach. Only UCard users are believed to have been compromised.
To make matters worse, JPMorgan mailed incorrect replacement cards to about 4,000 people receiving payments in the US state of Connecticut.
Additionally, corporate payroll card programmes have
come under scrutiny
recently, due to concerns over fees that are incurred by (typically low-wage) employees.
Cash-flow based metrics now feature prominently alongside traditional revenue measures of business performance in the key figures or financial summary pages of any public company.
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