Economic Aid, Fincrime Risk? – Exploring the Paycheck Protection Program and Pandemic Relief

The COVID-19 pandemic has governments around the world scrambling for ways to support the private sector, through low or no interest loans, payroll guarantees and more. In the US, initiatives like the Paycheck Protection Program or PPP have seen hundreds of billions of dollars loaned out through banks in a matter of weeks, and more on the way.

That’s been a lifeline for many businesses, but the staggering speed and volume of funds create opportunities for fraud, and headaches for financial institutions – From fincrime risks to concerns around customer experience and reputation.

In this CrimeCast, our guide to the tumultuous world of US pandemic emergency aid programs is Amanda DuPont, Public Records Product Expert with Thomson Reuters. Her role gives her an insider’s view into how financial institutions are managing programs like the PPP, Economic Injury Disaster Loans, Main Street Lending and more.

You’ll hear Amanda’s insights on:

  • How institutions are balancing customer experience with fincrime compliance related to these programs
  • How automation can help with customer due diligence in a pandemic
  • How this crisis may actually present an opportunity for both fintechs and traditional banks
  • And more