The country’s largest lender and bank is rolling out services to help small businesses prevent fraud. And it can’t come a minute to soon.
81% of small businesses were victims of payments fraud last year, and COVID 19 is making the problem even worse in 2020.
The FBI reported 24,000 BEC scams in 2019 with enterprises losing $1.7 billion for an average loss of $72,000 and they see those losses to business rising even faster this year. Small businesses are particularly vulnerable to BEC attacks because they lack some of the controls and technology that larger companies may have.
The service which is called Fraud Protection Service will provide tools to help small businesses receive notifications in realtime and let them block transactions that do not make sense.
It’s being touted as a “Fraud Hub” and enables alerting that small businesses may not have previously had access to.
New Tools Will Help Small Business Block Fraud
Some of the specific tools that small businesses will receive 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
“It’s our goal to make digital banking easy and safe so that leaders can get the right fraud tools in place and spend more time running their businesses,” 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