Bounceback Loan Scam - cunning, worth being aware of.
Very cunning
Unfortunately my sympathy cup runs a little dry for second hand car dealers moaning about ripoff tactics…
The simpler variant would be for a scammer to open an account in an existing business’s name, get the loan paid into that account and then scarper with the money. Does the government check with the bank, say that the account has been open for at least a few months ? Or do they just rely on the banks’ processes for establishing that a business is legitimate and the account opener really is the business owner ? You’d hope at least that the government or the bank would carry the can in the event of a fraud like that and that the business would be kept out of the loop.
VB
You normally need photo Id to open an account. I had to take passports for both directors and company paperwork.
Love that a car dealership is run by Bogans 
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Me too. I remember having to jump through all sorts of hoops to confirm to the bank that I and the company were legitimately connected. Presumably the government is prepared to transfer 5-digit sums with just a few hours delay on that basis.
VB