I am not terribly surprised and also think that in some ways this article counterintuitively shows the process working correctly and as designed.
A lot of processes in finance have to do fraud checks, and historically they’re mostly front-ended.
There is a false positive risk for this and a far greater impact on conversions; many legitimate small businesses can’t instantly paperwork “I am a legitimate small business.”
It was a reasonable policy priority of the US to distribute this relief extremely widely, and so most of the fraud checking happened post-approval.
Which will fairly readily discover an attempt to steal from the government.
Which you should not do as a bank employee.
I think the base rate of bank employees who would steal is pretty low, but with hundreds of thousands of front-line employees and a job which has been progressively deskilled, would put it as non-zero.
Which is, after all, why banks check.
This is also why, in one’s mandatory compliance training, you’ll have a moment which rhymes with “We trust you to follow the law, and to understand that we exhaustively record everything. Others who heard a warning like this, and did not heed it, are in prison. Don’t be stupid.”
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