If you received funds through the Payroll Protection Program (PPP), your business may be targeted by scammers using publicly available PPP loan information to deceive you.
Banks across the country are receiving reports from local businesses who have been contacted by scammers posing as bank employees. The caller may ask to verify an automated clearing house (ACH) transaction and/or request confidential online banking credentials and one-time passcodes. This information is then used to try to access your online banking and make fraudulent transfers.
Because PPP loans were funded by the federal government, all information related to them is public record. The Small Business Administration (SBA) fought to protect the PPP recipient data, but lost and subsequently released a complete and detailed list of all borrowers, including the name of their bank.
Remember: MVSB will NEVER ask you for your online banking credentials or passcodes. If you are contacted, please do not respond, do not click on any links and hang up on phone callers. We’d even prefer you hang up on us if you’re not certain and call us back at our published number directly – better safe than sorry.
Our knowledgeable bankers and fraud mitigation team are here to assist. If you ever feel you or your business may be at risk, please call us so that we can work with you to protect your accounts.
