Due diligence was a big topic in 2022 for a variety of reasons.
But due diligence doesn’t just apply to investors pouring money into startups, or companies acquiring other companies. Businesses, especially those operating in financial services, also have to conduct an appropriate amount of due diligence, for example, to avoid fraud.
As recently as December, a congressional report accused several fintechs, according to NPR, “of reaping ‘billions in fees from taxpayers while becoming easy targets for those who sought to defraud the PPP,’ or Paycheck Protection Program” in the early days of the COVID-19 pandemic. Specifically, the report also charged that fintechs neglected to stop “obvious and preventable fraud.”
Meanwhile, the Sma...
