News from the Wire

Parks Heritage FCU implements EFT Source's Card@Once to safeguard members after data breaches

Tuesday, September 16, 2014 — 12:13:20 (EDT)

Nashville, Tenn., Sept. 16, 2014 -- Parks Heritage Federal Credit Union, based in Glens Falls, N.Y. with $25 million in assets, has implemented EFT Source, Inc.’s instant issuance solution, Card@Once®, to safeguard its members in the wake of data breaches. EFT Source is a provider of turnkey card programs and personalization services for ATM and debit cards for financial institutions.

According to the Identify Theft Resource Center, more than 447 data breaches occurred from January - August 2014 – an increase of more than 20 percent from same time a year ago. Quickly cancelling and reissuing cards following a data breach is crucial to prevent costly delays that can negatively affect the relationship with members. Seeking to minimize the impact of increasing fraud, Parks Heritage selected Card@Once and completed the implementation process in four weeks. Now, Parks Heritage can deactivate compromised cards as soon as a data breach is detected and replace them on site within seconds, maximizing member convenience and minimizing the financial loss and frustration associated with traditional card delivery.

“Providing an increased level of convenience and satisfaction, while protecting our members’ financial information, is critical to our success – especially with the increasing frequency of fraudulent attacks,” said Anthony LaPointe, CEO of Parks Heritage FCU. “Card@Once is a no-brainer. It enables us to quickly respond to breaches and provides instant gratification, which is a key differentiator that enhances our ability to serve our members.”

When a Parks Heritage member requests a new or replacement card at the branch, Card@Once securely transfers the data from its branch location to EFT Source. The data is immediately processed and converted into an encrypted print file and returned to the branch electronically. Card@Once encodes the data and prints the card, enabling each member to walk away with an active, ready-to-use debit card. Each cardholding member can self-select their PIN and immediately use the card at the onsite ATM. Card@Once is also equipped to print EMV-ready chip cards, reducing the operational cost of purchasing new equipment in preparation for the upcoming liability shift in October 2015.

“Fraud will always be a concern for financial institutions and that trend is likely to continue. That is why it is imperative to be prepared to effectively address attacks when they occur,” said Bill Dinker, president of EFT Source. “Parks Heritage understands the importance of preparation and is committed to providing the highest level of service to members. Implementing Card@Once demonstrates their forward-looking mindset and how seriously they take the responsibility to preserving the integrity of their business.”

About EFT Source Inc.

Established in 1977, EFT Source provides more than 3,000 U.S. financial institutions with turnkey card programs and secure personalization of debit, credit and ATM cards under the VISA, MasterCard and Discover payment brands from conceptual art to creative fulfillment services. Based in Nashville, Tenn., EFT Source also has a production facility in Colorado Springs, Colo. For more information, visit www.EFTsource.com .

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Source: Company press release.