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A superregional bank with over 1,000 branches across more than 15 states was inundated by the surge in Paycheck Protection Program (PPP) loan fraud cases. The institution lacked the personnel to form and manage a specialized team quickly enough to handle the volume of investigations. Without an immediate solution, the backlog of cases threatened to disrupt the bank’s broader fraud detection and reporting operations, risking compliance issues and potential financial losses.
To address this urgent need, Dominion Advisory Group—now part of SolomonEdwards—swiftly assigned 25 seasoned fraud analysts and investigators to establish a PPP loan fraud investigation team within one week. Our team created comprehensive procedures, efficient workflow systems, and robust tracking and reporting protocols to manage the caseload effectively. We led the team’s operations for six months, ensuring seamless execution and comprehensive coverage of all investigations. After this period, we transitioned the fully operational and well-structured team to the client’s management.
The rapid deployment and effective management of the PPP fraud investigation team allowed the bank to eliminate investigation backlogs without disrupting its ongoing fraud detection and reporting functions. The client’s internal teams were empowered to manage fraud investigations independently post-transition. While the PPP program has concluded, the enhanced fraud detection capabilities and structured processes we introduced benefit the bank’s ongoing compliance and risk management efforts, which we continue to advise them on.
Dominion Advisory Group, now part of SolomonEdwards, brings specialized expertise in anti-money laundering (AML) advisory and financial crime consulting. Learn more about our services in the Banking & Financial Services industry.