PPP Data Release Prompts Fraud Uptick

Following the SBA’s publication of Paycheck Protection Program (PPP) loan recipients, banks are reporting an uptick in fraudulent calls from scammers that have now gained access to loan details, utilizing the released data to gather private financial information and login credentials. If you or someone you know is a small business owner who benefited from a PPP loan, please be on alert when answering unexpected phone calls -- regardless of who they appear to come from!

Common PPP Scams:

• Bank Spoofing: Scammers make any phone call appear to be coming from your bank, delivering a few account details that make the caller seem legitimate. The scammer may send a link via text message to “confirm your identity” by entering your login information, a one-time passcode, or personal identifying information — giving them access to drain your account in minutes.
• Law Enforcement Impersonation: Scammers claim that your business has missed a court date regarding a fraudulent loan, and demand payment to avoid immediate arrest.
• Mailed Letter: Scammers send documents that appear to come from the SBA or DOJ, including loan details and threat of fines from fraudulent loan details. Letters may include QR codes or URLs prompting you to give them access to personally identifying or login information.

Red Flags for Fraud:

• Sense of Urgency: Scammers aim to create a panicked urgency, in hopes that the victim will act quickly without contacting a known source for confirmation.
• Seeking Sensitive Info: Scammers need your usernames, passwords, PINS, and one-time passcodes to gain full access of your accounts.
• Threatening Language: Fines, jail time, and (ironically) fraud are common threats that scammers use to scare you into action.

If you receive an unexpected phone call and suspect it may be fraud, HANG UP, change your password, and call your bank directly to report the interaction.