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KeyBank's Check Control: A Breakthrough in Fraud Protection

KeyBank, a prominent financial institution headquartered in Cleveland, Ohio, has recently unveiled its highly anticipated Check Control for Business, a service aimed at safeguarding small business clients from the rising tide of check fraud. With a fundamental goal of minimizing financial losses and streamlining operations, this innovative offering enables business owners to monitor their check-related activities efficiently and securely.

As fraud tactics evolve, small businesses find themselves at an increasing risk of falling victim to check fraud. Alarmingly, studies, including the Federal Reserve's Business Payments Study, indicate that over 83% of small businesses still utilize paper checks for transactions. This traditional method, while sometimes preferred for its simplicity, opens doors for counterfeiting and fraud, costing businesses more than $1 billion in recovered losses annually.

A Targeted Solution for Small Enterprises

KeyBank's Check Control for Business allows clients to take proactive steps in monitoring their check usage and quickly identify suspicious activity. Victor Alexander, Head of KeyBank's Consumer Bank, emphasized the importance of this service in today’s challenging business landscape: "Check fraud continues to be a growing challenge for businesses as tactics evolve, and we know it's top of the mind for many of our clients, especially small businesses, which are the backbone of our economy."

Leveraging technology, Check Control empowers small business owners to closely track their check transactions through an easy-to-use interface. Clients can access their check histories via both online and mobile platforms, granting them the ability to:

• - View checks daily from any device
• - Confirm details such as amounts, numbers, and payees
• - Flag and return any suspicious or duplicate checks in just a few clicks
• - Receive customized alerts and set preferences for notifications

Quick Enrollment Process

Getting started with Check Control is seamless. Small business clients can self-enroll through KeyBank’s digital banking portal in less than a minute, requiring only a few simple steps. Once enrolled, they will receive immediate alerts when checks are ready for review, allowing them to act swiftly and mitigate potential threats to their finances.

This proactive approach not only helps to stop fraud before it escalates but also has the potential to save businesses thousands of dollars in losses—preventing cascade effects such as bounced vendor payments and disrupted cash flow. For eligible clients, the service is available for a nominal fee of $5 per enrolled account each month, making it a valuable investment in fraud prevention.

A Future-Focused Commitment

With the introduction of Check Control for Business, KeyBank continues its promise to invest in digital solutions that enhance security and operational efficiency for small businesses. Emily Gessner, Head of Commercial Digital for KeyBank, claims, "Providing clients with simple, effective tools to help safeguard their businesses is critical to allowing them to focus on growth."

In addition to Check Control, KeyBank provides an extensive range of banking services tailored to meet the dynamic needs of small enterprises. By combining innovative technology with a customer-oriented approach, KeyBank strives to equip businesses with the tools they need to navigate an increasingly complex financial landscape.

In conclusion, as the threats posed by check fraud continue to evolve, KeyBank's Check Control for Business emerges as a timely, essential resource for small businesses looking to bolster their defenses and maintain their focus on growth and success in an unpredictable market. For small business owners seeking a reliable partner in financial services, KeyBank’s latest offering provides not only peace of mind but also the empowerment to operate with greater confidence in the face of evolving challenges.