The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


    Note: Fields marked with an asterisk(*) are mandatory.

    n-exit-img-roi-cross

    Thank you for your demo request

    We appreciate your interest and look forward to discussing how our solution can meet your needs. Expect to hear from us shortly with scheduling details.

    Close

    us

    2a03:2880:f800:a::

    Rise in Fraud from COVID-19 Bounce Back Loan Scheme

    covid and loan

    Fraudsters are stealing the money around £400M from taxpayers in the UK through the support loans given due to the COVID-19 pandemic.

    The major banks of the UK said that they have seen a major spike in the fraud rate due to the bounce-back loan. The spike is around five times higher than normal.

    The fraudsters can make around £420m after loans supported by the government. A senior employee from HSBC states that the scheme is being targeted by criminals particularly.

    The Treasury Select Committee discussed this with the head of commercial banking UK at HSBC, Amanda Murphy, “We’ve seen criminals this year repurpose their infrastructure and amend how they interact with us . . . . exploit the fears that have come around pandemics, particularly around the supply of PPE.”

    Susan Allen, Chief of business banking at Santander UK confirmed that her bank was facing the same issue of fraud.

    Small scale businesses or even startups can take £50,000 in loan due to the Bounce Back initiative. This initiative was to help the struggling businesses in these tough times of the COVID-19 pandemic. This means that taxpayers are about to face losses.

    More than £40 billion has been loaned by the banks to businesses in various industries and supported by the government completely. The government will give a 100% return of the money to banks if there are losses on the loans that are not paid back.

    “If the fraudster gets through and they self-certify something and they lie, then that will be a claim against the taxpayer,” said Anne Boden, chief executive of Starling Bank. “That is the consequence of this scheme.”

    The banks do not carry proper checks on the bounce back loans to reduce the time of the application. However, this minimal check leads to fraudulent activities.

    Related Posts

    News

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    Explore More

    News

    UK Parliament Legislates New Digital Identity Verification Services Bill

    UK Parliament Legislates New Digital Identity Verification Services Bill

    Explore More

    News

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Explore More

    News

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Explore More

    News

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    Explore More

    News

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    Explore More

    News

    Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations

    Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

    Explore More

    News

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    Explore More

    News

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    Explore More

    News

    UK Parliament Legislates New Digital Identity Verification Services Bill

    UK Parliament Legislates New Digital Identity Verification Services Bill

    Explore More

    News

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Explore More

    News

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Explore More

    News

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    Explore More

    News

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    Explore More

    News

    Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations

    Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

    Explore More

    News

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    Explore More

    Take the next steps to better security.

    Contact us

    Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

    Contact us

    Request demo

    Get free access to our platform and try our products today.

    Get started