Bounce back loan fraud crackdown

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Banks crack down on bounce back loan fraud Hundreds of business accounts have been raided by banks including HSBC, Barclays, NatWest and Lloyds Banking Group after they were linked to suspected bounce back loans fraud, the Mail on Sunday reports. The National Audit Office warned last year that £26bn could be lost to loan fraud and the Treasury last week warned banks of the importance of fraud checks. A letter to one customer from HSBC, seen by the paper, revealed it had “formally terminated” a bounce back loan agreement and demanded that the customer “repay immediately all monies advanced to you.” The bank told the customer that a clause in the agreement meant it did not need permission to dip into the firm's current account to recover some of the cash.

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