What to do when updated banking information is needed on Womply

SaaS platform (software as a service) Womply has long been a go-to customer relationship management tool for small businesses across the country. Womply also integrates small business finance with major banks and lenders and acts as a sort of intermediary between the two.

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In 2020, Womply began acting as an intermediary with the Small Business Administration (SBA) to streamline the delivery of vital Paycheck Protection Program (PPP) loans that small businesses relied on during the COVID-19 pandemic. By rolling out its PPP Fast Loan program, Womply has promised to quickly bring business owners the relief they desperately need.

However, unforeseen issues arose, mostly frauds, and left Womply struggling. It has now overhauled its identity check protocol and business owners are looking for guidance.

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Source: womply facebook

Womply served as a lifeline for small businesses during the pandemic

Small business owners have struggled in 2020 and 2021. Stuck at home, consumers have turned to giant businesses for what they need. Ecommerce pundits like Amazon and Walmarts and social distancing guidelines have made things much more difficult for physical stores.

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Thanks to the government’s stimulus efforts in 2020 and 2021, special loans have been made available to help small businesses. Intended to keep company staff on payroll, inventory stored and invoices paid, PPP loans were a boost.

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Source: womply facebook

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The only problems were to apply for the PPP loans and make sure everything was properly classified. This is where Womply comes in. Its PPP Fast Loan program automates complex calculations and application filing processes based on the data and documents provided by the company requesting the loan.

The effectiveness of PPP Fast Loan made the scam easier

The crooks learned to take advantage of Womply’s identity check procedures during their application. Targeting easily accessible loans for independent contractors and freelancers, crooks were able to forge driver’s licenses and other information to get approval for PPP loans.

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In an alert to its customers, Womply advised customers to decline certain applications for PPP Quick Loans due to an increase in fraud attempts. In cooperation with subpoenas from the FBI, DOJ, and SBA, Womply will release the request data to federal authorities.

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Womply advised legitimate applicants to recheck their application documentation for any errors or incorrect information. If this is not done quickly, loan applications and approvals may be canceled.

How to update your banking information on Womply

On its website, Womply lists instructions on how to update your app and user information. Users can log into their app and select the app they want to update, “Update app”, then “Update bank details”. Womply advises users to double-check their information and provide as much information as possible about their applications.

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