Here to Help You Stay Informed: PPP Loan Recipients Targeted by Sophisticated Scams

Businesses that received funding through the Paycheck Protection Program (PPP) may be at increased risk of fraud due to the public availability of loan data. Criminals are leveraging information from government websites such as business names, loan amounts, and associated banks to target individuals and organizations through social engineering scams.

 

How These Scams Work

Scammers impersonate bank representatives, often spoofing legitimate phone numbers to appear credible. They may contact PPP loan recipients via phone or email, claiming to be from the bank’s fraud department. These communications often include urgent warnings about suspicious transactions, designed to create fear and pressure victims into revealing sensitive information.

Victims are typically asked to provide:

· Online banking credentials, such as your username and password

· One-time security codes

· Personal or business account details

 

It’s important to note that these scams are not the result of a data breach at banks. Instead, fraudsters are exploiting publicly available PPP borrower data to craft convincing and targeted attacks.

 

Red Flags to Watch For

· Unsolicited calls or emails claiming to be from your bank

· Requests for login credentials or security codes

· Urgent transaction verification

· Use of real bank employee names that typically do not contact you or introduce a location that you may not frequent

· Use of spoofed caller IDs

 

How to Protect Yourself

· Always log in using the bank’s official website or mobile app.

· Never share your online banking username and password. Vantage Bank will never ask for this information.

· Hang up immediately if a call feels suspicious.

· Contact Vantage Bank directly using a trusted phone number to verify any claims.

· Actively monitor your accounts for unauthorized activity.

 

Report Fraud

If you or your business has been targeted by this scam:

· Contact Vantage Bank directly using a trusted phone number to report the incident

· Consumers should report incidents to the Federal Trade Commission (FTC) at ReportFraud.ftc.gov

· Businesses should report to the FBI’s Internet Crime Complaint Center (IC3) at www.ic3.gov

 

Stay Informed and Alert

Protect yourself from financial fraud by staying informed. Learn to spot common scams and always approach financial communications with caution. Your awareness is the best defense.

Connect with our bankers for any questions or visit a location near you.

 

_{DISCLAIMER: This material is for informational purposes only. Vantage Bank assumes no liability for any loss or damage resulting from one's reliance on the material provided.}