A congressional report says financial technology companies fueled rampant PPP fraud A congressional report says financial technology companies fueled rampant PPP fraud A sprawling congressional report accuses several little-known financial technology companies, or fintechs, of reaping "billions in fees from taxpayers while becoming easy targets for those who sought to defraud the PPP," or Paycheck Protection Program.The fintech Blueacorn spent just a few million dollars on fraud prevention even as it raked in more than $1 billion in PPP processing fees.Blueacorn employees claim they received no training on the loan underwriting process or how to spot fake driver's licenses and tax documents, according to the report.Internal documents encouraged Blueacorn workers to only flag applications with "extremely obvious fraud" because the Small Business Administration, or SBA, "would handle any fraud we didn't stop."Few backstops existed for fintechs with little lending experience Fintechs often sent approved loan applications to other banks and lenders to issue the loans, and the report claims these partners also did little to check for fraud."