Bounce Back Loan fraud checks called inadequate by watchdog.

[johnofgwent]

Pity you missed out ..

"Counter-fraud activity was "implemented too slowly", which resulted in "high levels of estimated fraud", it said.

It added the Department for Business estimated fraudulent loans were worth £4.9bn, 11% of the total, as of March."

Also, and imo equally worth noting, is the statement in the original that large numbers of "genuine" applicants are going to the wall and defaulting.

Largely because the government moves the goalposts 

[papasmurf]

Of course you do Pappy. That is because you are a nasty, spiteful little man who is always ready to think the worst of everybody else. But it does change the fact that the estimates are just that, estimates.

There is no need whatsoever for personal abuse. I also put more at link, so I missed nothing out.

Given what I else has come to light throughout the day it is looking like it is an underestimate.

[Borchester]

I suspect the estimates are far too low.

Of course you do Pappy. That is because you are a nasty, spiteful little man who is always ready to think the worst of everybody else. But it does change the fact that the estimates are just that, estimates.

[papasmurf]

Pity you missed out ..

"Counter-fraud activity was "implemented too slowly", which resulted in "high levels of estimated fraud", it said.

It added the Department for Business estimated fraudulent loans were worth £4.9bn, 11% of the total, as of March."

I suspect the estimates are far too low. 

[Borchester]

A large fraud and no mention on the forum, so I am posting it:-

Pity you missed out ..

"Counter-fraud activity was "implemented too slowly", which resulted in "high levels of estimated fraud", it said.

It added the Department for Business estimated fraudulent loans were worth £4.9bn, 11% of the total, as of March."

[papasmurf]

A large fraud and no mention on the forum, so I am posting it:-

More at link:-
https://www.bbc.co.uk/news/business-59504943

Covid: Bounce Back Loan fraud checks called inadequate by watchdog

Published16 hours ago


In its report, the NAO said the government estimated more than a third of loans, worth £17bn, may never be repaid due to both fraudulent activity and legitimate borrowers defaulting.
As of 30 September, figures from the state-owned British Business Bank, which supervises the scheme, showed £2bn worth of loans had been repaid and £1.3bn had been defaulted on. The bank said about 7% of all loans were at least one month in arrears.
But the spending watchdog said predicted losses through both fraud and businesses being unable to pay were "highly uncertain".