KeyCorp subsidiary KeyBank has introduced Payee Positive Pay, a service that helps commercial clients to detect fraud by verifying names on payment cheques.
In addition to verifying the dollar amount and account and serial numbers, clients using KeyBank's Positive Pay service can now compare payee names presented on cheques against names provided by the client on an issue file.
John Dugan, vice president, disbursement products, KeyBank, says: "Altering the payee name is often the root cause of high-dollar fraud occurrences."