Why do lenders ask for bank statements? How do they use them? This guide will provide you with insights into the motives why people create fake bank statements, techniques to identify them, and effective strategies for preventing fraud. Bank statement verification empowers lenders to reduce this common type of fraud and protect themselves and their customers from the resulting losses. Criminals use them to fraudulently obtain loans in their victims’ names, sometimes emptying their bank accounts.
Unfortunately, nearly $100B was lost to bad actors who claimed to run small, cash-strapped businesses but really just provided a fake bank statement for PPP loan benefits.Ī common thread emerges in such situations: fraudsters capitalize on the crisis to steal money using bogus documents (making fake bank statements online is easy these days). Congress' pandemic-relief measures was to allow forgivable loans through the Paycheck Protection Program (PPP). Reports of people using fake bank statements to fraudulently obtain loans are rife.ĭuring the global COVID-19 crisis, one of the U.S.
