JPMorgan Introduces Enhanced Payment Fraud Protection Tools
As part of its efforts to protect the small and mid-sized business customers from payment fraud, JPMorgan JPM introduces “Fraud Protection Services”. This new digital hub has enhanced fraud prevention tools that will prevent businesses from encountering payment fraud.
The new service will block unauthorized users from withdrawing money out of accounts digitally and automatically. Also, it will monitor and review checks so users can approve or reject payment, and will illustrate potential fraud risk while encouraging users to make their accounts safer. Also, with the help of the new feature, real-time fraud notifications to determine if checks should be paid or returned will be made available.
Businesses will be allowed to easily enroll and access the bank’s suite of fraud tools mentioned above through a dashboard that will enable clients to take advantage of these security features.
Jennifer Roberts, the CEO of JPMorgan’s business banking unit, stated, “Fraud is a major concern and can be devastating for businesses so we felt strongly that these safeguards should be easy to set up and intuitive to use. We want business owners to know we have their back. We want to provide them with safeguards that are easy to set up and customize for their transactions.”
Last year, many small and medium sized companies experienced payment fraud. In fact, amid the current coronavirus-induced uncertain economic environment, payment frauds have been on the rise.
While all types of companies face scams, small firms are more susceptible to frauds as they do not have highly sophisticated fraud-control tools and mechanisms.
Notably, so far this year, shares of JPMorgan have lost 31.1% compared with a decline of 39% recorded by the industry.
Currently, the company carries a Zacks Rank #4 (Sell).
A few better-ranked stocks from the finance space are mentioned below.
Navient Corporation NAVI has witnessed an upward earnings estimate revision of 14.9% for the current year over the past 60 days. Also, its shares have gained 17.3% over the past three months. The company carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Credit Acceptance Corporation’s CACC earnings estimates have been revised 23.1% upward for the current year in the past 60 days. Over the past three months, the Zacks Rank #2 stock has declined 23.3%.
SLM Corporation’s SLM earnings estimates for the current year have been unchanged over the past 60 days. Its shares have witnessed a rise of 13.3% over the past three months. The company currently carries a Zacks Rank #2.
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JPMorgan Chase Co. (JPM) : Free Stock Analysis Report
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