UNVEILING FINANCIAL FRAUD: A CASE STUDY OF SMALL BUSINESSES AND THE PAYCHECK PROTECTION PROGRAM
Abstract:
The aim of this research is to demonstrate contemporary instruments of fraud in the banking industry that small businesses use by using a simple case study of the PayCheck Protection Program. Furthermore, modern lending institutions are having to move from traditional ways of financing and innovate based on globalization, digitalization, and internationalization processes. With the skyrocketing competition, lenders are facing challenges, whereas additional requirements and checks could cause them to lose business if the additional measures are not applied; there is a chance for potential fraud; hence, the lenders are left with a dilemma. Their choice is becoming more complex as there is a rising number of players entering the market, therefore creating substantial competition. Ultimately, there is an opportunity for fraud that can be relatively easily committed, and small businesses are presented as a byproduct of the contemporary economic conditions, impacting the need for even economic and social development.
CITATION:
IEEE format
B. Vukolić, T. Radojević, “Unveiling Financial Fraud: A Case Study of Small Businesses and the Paycheck Protection Program,” in FINIZ 2024 - Social Media and Contemporary Business, Belgrade, Singidunum University, Serbia, 2024, pp. 50-55. doi: 10.15308/finiz-2024-50-55
APA format
Vukolić, B., Radojević, T. (2024). Unveiling Financial Fraud: A Case Study of Small Businesses and the Paycheck Protection Program. Paper presented at FINIZ 2024 - Social Media and Contemporary Business. doi:10.15308/finiz-2024-50-55
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