U.S. Small Business Administration (SBA) loans have become prime targets for criminals eager to profit from the massive Coronavirus Aid, Relief, and Economic Security (CARES) Act. With millions of dollars at stake, financial institutions must take decisive action to uncover SBA loan fraud at the earliest opportunity.
Protect your customers from loan fraud scams and prevent losses with Verafin’s COVID-19-Related SBA Loan Fraud solution. Easily detect discrepancies between the intended SBA loan payee and the receiving customer account, detect excessive payments diverted to a single account, and identify new accounts opened to facilitate fraud.