The effort comes to protect businesses targeted by scammers, particularly amid the COVID-19 pandemic. Four-in-five small and mid-sized companies said they were targets of payment fraud in 2019, but that could be reduced if businesses use more tools to detect suspicious payments early. The bank’s new self-service ‘fraud hub,’ being introduced in late September 2020, will allow them to set alerts for unusually large payments and control who gets paid. The service supplements the current system in which customers call the bank to set controls.
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