Boston, MA 09/18/2014 (wallstreetpr) – According to reports, JPMorgan Chase & Co. (NYSE:JPM) is replacing debit cards and credit cards following the security breach issue at The Home Depot, Inc. (NYSE:HD). The information was revealed by a spokesperson of the company.
The company has already started sending notices to various cardholders stating that they would receive new cards shortly. The first lot of notices was sent on Tuesday. The management of JPM thinks that the breach at HD has put all the card-holders at risk. As per the information shared by one of the customers of JPMorgan Chase & Co. (NYSE:JPM), who received the notice, the company had promised to issue a new card by September 30, 2014. Although customers can use their existing cards as of now, but JPM has advised them to look after any unrecognized transaction through their card or account.
While answering reporters, Paul Hartwick, Spokesperson JPMorgan Chase & Co. (NYSE:JPM) could not tell the exact number of cards that would be replaced by the company over the security concern. The concerns over customers’ security started rising after HD announced that its security system was breached. Initially, when the debit cards data was taken from Target Corporation (NYSE:TGT) stores, JPM blocked those cards and asked the customers to visit the bank in order to receive new cards. The Home Depot, Inc. (NYSE:HD) is trying to figure out as how much data of customers has been taken by hackers. Hartwick was not able to answer various questions related to bank’s steps to stop such security breaches in the future. JPM is the biggest bank of U.S in terms of assets holding. It grabs one of the prominent places among those banks that issue debit and credit cards in U.S. As soon as this news of security breaching came out in the market, not only did JPMorgan Chase & Co. (NYSE:JPM)’s image was affected, but also the trust of investors. After this incident, other banks have started paying extra attention towards their security issues.