Recent analysis from the U.K. finds more than $1 billion in COVID relief loans involved irregularities such as fraud. An October report by the U.K. Department for Business, Energy and Industrial Strategy (BEIS) estimates that the government gave out 990 million pounds (or $1.1 billion) in...
FinTechs failed the American government during the pandemic, while traditional banks wisely sat things out. That’s the short version of a new congressional report that is blaming FinTech companies for causing tens of billions of dollars in losses incurred by the U.S. government due to...
A U.S. House subcommittee said FinTech companies facilitated fraud in the Paycheck Protection Program (PPP). A staff report of the Select Subcommittee on the Coronavirus Crisis said the companies were tasked with processing PPP applications and screening out those with signs of fraud, but failed...
Federal prosecutors say that a former Olympic speed skater fraudulently obtained $10 million in COVID relief funds, using some of that money to finance a movie made by “Lord of the Rings” actor Elijah Wood about serial killer Ted Bundy. According to published reports, Allison...
July 05, 2021
The sun is high, the temperature is rising, and with COVID restrictions being lifted around the U.S., Independence Day marks the first opportunity for many to embrace a gathering around the barbeque or a group trip to the beach. It’s also a pivotal moment for many small businesses eager to bounce back from shutdowns, forced […]
March 08, 2021
The anniversary of the United States’ first pandemic-related lockdown measures is fast approaching. March 19 will mark 365 days since California became the first — though certainly not the last...
November 13, 2020
Government-benefits fraud runs at about 10 percent even during normal times, but now that the pandemic has exponentially increased U.S. federal stimulus spending, the level of theft is on the...
October 21, 2020
The pandemic’s economic impacts have taken a toll on all businesses but in many ways, small- to medium-sized businesses (SMBs) have faced more harm than others. While the tenacity and...
September 14, 2023
The Internal Revenue Service (IRS) has placed a moratorium on processing new claims for the Employee Retention Credit (ERC), a pandemic-era relief program, aiming to prevent a recurrence of the sort of fraud that happened around the Paycheck Protection Program (PPP). This decision comes in response to growing concerns about the influx of ineligible claims and aggressive marketing tactics that are […]
January 05, 2023
Recent analysis from the U.K. finds more than $1 billion in COVID relief loans involved irregularities such as fraud. An October report by the U.K. Department for Business, Energy and Industrial...
December 01, 2022
A U.S. House subcommittee said FinTech companies facilitated fraud in the Paycheck Protection Program (PPP). A staff report of the Select Subcommittee on the Coronavirus Crisis said the companies were...
December 17, 2021
Federal prosecutors say that a former Olympic speed skater fraudulently obtained $10 million in COVID relief funds, using some of that money to finance a movie made by “Lord of...
