J.P. Morgan’s Treasury Services business, a full-service provider of cash management, trade finance and treasury solutions, announced enhancements to its suite of fraud protection tools. A new Fraud Diagnostic Tool will rate client’s vulnerability to fraud and recommend solutions to tighten security. J.P. Morgan also now offers its patent-pending Positive Pay and Reverse Positive Pay solution through Chase Commercial OnlineSM for the first time and has enhanced its Payables Web Services offering to immediately make available tools to help protect clients impacted by fraudulent activity against their accounts. These enhancements will help clients mitigate the persistent threat of check fraud.
Fraud continues to be a critical issue for corporates as confirmed by a 2010 survey on fraud fielded by the Association for Financial Professionals (AFP) and sponsored by J.P. Morgan. Nearly three-quarters (73 percent) of organizations polled experienced attempted or actual payments fraud in the last year. “At J.P. Morgan, we are very aware of the negative impact of fraud attacks on our clients’ accounts,” explained Stephen Markwell, Vice President, J.P. Morgan Treasury Services. “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.”
Electronic Tools Deliver Vital Protection
J.P. Morgan has introduced these new enhancements to prevent attacks on clients’ accounts:
The 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.
Positive Pay/Reverse Positive Pay is now available through Chase Commercial OnlineSM, the Bank’s online platform for middle-market companies. When clients open an account, they can easily add fraud protection to their account or it can be added at any time through online enrollment.Payables Web Services offers a new capability that provides immediate account fraud protection. Now, within 24-hours of a fraud attack, J.P. Morgan provides 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.
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