KeyBank’s small and medium-sized business customers now have access to each day’s posted check and ACH items, with the ability to reverse those that appear to be fraudulent or unauthorized. Also available is a feature that helps businesses recover funds on deposited items that are returned for insufficient funds. The new features are part of an updated version of Key Business Online, which was launched earlier this year. Key also employs approximately 80 investigators and fraud prevention specialists, available to help clients who are victims of fraud.
Smaller companies are three times more likely to be victims of ACH fraud than all companies, according to a recent survey by the Association for Financial Professionals, which also found that 72 percent of all those surveyed were victims of actual or attempted payment fraud.
“The issuance of bad checks—whether intentional or unintentional—also increases during periods of slow economic growth like we’re experiencing now,” says Eric Girard, vp of Key’s business Internet services group.
