A Lookback at the Pandemic of Scams – Lessons Learned from Fraud in PPP and EIDL Programs

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WHEN : 11/09/2021 1:00 pm 2:00 pm ET

Complimentary webinar, presented by ACFCS and the GAO

During coronavirus lockdowns, the US federal government pumped money into economic relief programs for businesses with remarkable speed. By enlisting financial institutions to lend through the Paycheck Protection Program (PPP) and SBA’s direct assistance through the Economic Injury Disaster Loans (EIDL), government relief supported millions of pandemic-stricken businesses.

Inevitably, fraudsters exploited the speed and scale of these programs to reap breathtaking ill-gotten gains. In the present day, with the US cautiously hopeful that the pandemic is receding, what lessons can both financial institutions and government agencies learn from what occurred, and what controls can we use to prevent further fraud?

The US Government Accountability Office (GAO) has been on the forefront of reviewing and analyzing fraud risks in government relief programs. Join us as experts from the GAO and fincrime compliance guru Jim Richards take a comprehensive lookback at fraud in the PPP and EIDL programs, give insights on trends and typologies, and discuss safeguards to implement going forward.

Attendees will learn:

  • Trends in SAR filings tied to the PPP and EIDL programs
  • Key findings from the GAO’s analysis of enforcement actions related to PPP and EIDL fraud
  • GAO recommendations to SBA and Jim’s insights for the private sector on steps to mitigate fraud
  • And more

This session is eligible for 1 CFCS credits.

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