JP Morgan's treasury services business, a provider of cash management, trade finance and treasury solutions, has upgraded its suite of fraud protection tools, to help clients mitigate the persistent threat of check fraud.
The company has introduce a new fraud diagnostic tool that will rate client’s vulnerability to fraud and recommend solutions to tighten security.
The newly introduced fraud diagnostic tool rates clients’ accounts for fraud risk, identifying those that need additional protection. Recommendations on the most appropriate fraud tools to deploy to best protect those accounts are then provided to clients.
JP Morgan has made available Positive Pay/Reverse Positive Pay through Chase Commercial Online, the bank’s online platform for middle-market companies. When clients open an account, they can add fraud protection to their account or it can be added at any time through online enrollment.
Payables Web Services has been upgraded with new capability that provides immediate account fraud protection. Now, within 24-hours of a fraud attack, JP Morgan will provide clients a listing of their daily paid checks sorted by dollar amount. At the same time, clients can view images and return suspect items while creating the file for Positive Pay coverage.
Stephen Markwell, vice president of treasury services at JP Morgan, said: “At JP Morgan, we are very aware of the negative impact of fraud attacks on our clients’ accounts. We believe it is our responsibility as a banking partner to maintain a dialogue with our clients about fraud and fraud protection in order to help them guard their accounts from being compromised.”