The Role of AI and Other Technologies in Detecting Payroll Protection Program Fraud
As small businesses apply for a loan forgiveness under the Paycheque Protection Program, and the banks that made the loans on behalf of the Small Business Administration are investigating whether any loans were obtained fraudulently, fraud detection technologies will play a critical role, said Frank Mckenna, chief fraud strategist at the security company Point Predictive.
The Association of Certified Fraud Examiners estimates that perhaps 10% of PPP loans have been obtained fraudulently.
In this video interview with Information Security Media Group, Mckenna also discusses:
- Details on PPP loan fraud;
- What technologies can be used to fight fraud;
- What measures are banks taking to combat this fraud?
McKenna is chief fraud strategist at Point Predictive, an AI solutions provider. He has advised more than 200 banks, lenders and finance companies around the world to help them reduce fraud. He also provides tips on dealing with fraud through his daily blog, FrankonFraud.com.