FRAUD ALERT: PRAC Identifies $5.4 Billion in Potentially Fraudulent Pandemic Loans Obtained Using Over 69,000 Questionable Social Security Numbers
Other · Pandemic Response Accountability Committee · 2023-01-30 · about Multiple Agencies
Report
Title
FRAUD ALERT: PRAC Identifies $5.4 Billion in Potentially Fraudulent Pandemic Loans Obtained Using Over 69,000 Questionable Social Security Numbers
Submitting OIG
Pandemic Response Accountability Committee
Component agency
Multiple Agencies
Type
Other
Publication date
2023-01-30
Summary
The PRAC’s Pandemic Analytics Center of Excellence (PACE) data scientists identified $5.4 Billion in potential identity fraud associated with over 69,000 questionable Social Security Numbers (SSNs) used on applications across disbursed loans in the Small Business Administration’s COVID-19 Economic Injury Disaster Loan Program and Paycheck Protection Program. Through collaborative verification methods with the Social Security Administration, we identified that these SSNs were used in connection with over 99,000 applications and warrant further scrutiny.