JPMorgan Chase Launches New Digital Fraud Prevention Hub

Need to Know 

• JPMorgan Chase has launched a new digital hub designed to support SMBs (small- to mid-sized businesses) with improved fraud protection.
• The new online service includes features that protect unauthorized users from withdrawing money and allows users to approve or reject a check payment digitally.
• 81% of business owners experienced some form of payments fraud last year.

Analysis

JPMorgan Chase has introduced a new digital hub, designed to support small- to mid-sized businesses with enhanced fraud prevention tools. 

As the popularity of digital banking increases and technology evolves, so too do scammers’ techniques, meaning enhanced security is more important now than ever before. 

Fraud Protection Services is now available to any of JPMorgan Chase’s current clients, who can access the hub, which includes enhanced check monitoring and protection, online.

“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.”  

The enhanced fraud prevention features include:

• ACH Debit Block, which prevents unauthorized users from withdrawing money out of an account;
• Check Protection, which notifies the client in real-time if a check should be paid or returned;
• Check Monitoring, which allows users to approve or reject a check payment digitally;
• Security Enrollment, which highlights a potential risk of fraud and supports users in making their accounts safer. 

According to a survey performed by J.P. Morgan and the Association for Financial Professionals, 81% of business owners experienced payments fraud last year. And according to the FBI, email scams cost companies $1.7 billion last year. 

“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 at JPMorgan Chase.

JPMorgan Chase has also improved digital features for its customers, allowing for paperless service, automated processes and reporting capabilities, and more.

Among a series of recent digital innovations (in an effort to keep up with big tech firms dipping their toes in finance), JP Morgan recently began working with machine learning and AI technology to streamline employee expense reports. 

The major American bank will launch its first U.K.-based digital bank early next year.