Source: JPMorgan Chase
Access to reliable online security has never been more critical for businesses today. In fact, 81% of business owners experienced payments fraud last year, according to the 2020 Association for Financial Professionals Payments Fraud and Control Survey underwritten by J.P. Morgan.
To help businesses protect against potential threats, JPMorgan Chase today introduced Fraud Protection Services, a new digital hub with enhanced fraud prevention tools that helps small and mid-sized clients protect their businesses and manage money safely.
The new offering is available online to the bank’s millions of small to mid-sized business clients. Businesses can easily enroll and access Chase’s suite of fraud tools through a dashboard that helps clients take full advantage of security features, including enhanced check monitoring and protection, while helping them better manage their cash.
“We want business owners to know we have their back,” says Jennifer Roberts, CEO of Chase Business Banking. “Fraud is a major concern for them and can be devastating for businesses so we felt strongly that these safeguards should be easy to set up and intuitive to use.”
New and improved fraud prevention tools include:
ACH Debit Block: Block unauthorized users from withdrawing money out of accounts digitally and automatically
Check Protection: Get real-time fraud notifications to determine if checks should be paid or returned
Check Monitoring: Monitor and review checks so users can approve or reject payment
Security Enrollment Status: Illustrates potential fraud risk while encouraging users to make their accounts safer
“Fraud is a major concern for them and can be devastating for businesses so we felt strongly that these safeguards should be easy to set up and intuitive to use,” said Jennifer Barker, Head of Product Delivery, JPMorgan Chase.
Beyond fraud prevention, Chase is helping businesses increase efficiency so they can easily run their operations and access powerful insights and tools. Digital features include:
Going paperless:manage accounts online and on mobile
Automating manual processes: bulk upload ACH files to simply collect payments
Reporting capabilities: access to real time data and insights
Additional support: add administrators to assist or screen share with a Chase rep to troubleshoot
Curating content: read helpful insights and tips to better run your business