KeyCorp said its KeyBank is offering small and midsize companies an online fraud prevention service that monitors both check and automated clearing house transactions.
This is the first time a bank has offered a combination of these services to small and midsize companies, though similar services have been available separately for some time to large businesses, the Cleveland company said Monday.
The new service, available through the Key Business Online package launched in April, lets business managers review check and ACH items posted the previous day and reverse those that appear to be fraudulent or unauthorized.
"Key Business Online gives clients the ability to recognize unauthorized activity right away, so they can spot fraud early and stop it in its tracks," Eric Girard, the vice president of KeyCorp's business internet services unit, said in a press release.
KeyCorp said it also added a feature to help businesses recover funds on deposited items that are returned for insufficient funds.