PPP Loan Recipients Targeted by Scam: How to Safeguard Your Banking Information

August 29, 2024 | AgFocus-Ag Focus | BusinessFocus-Business Focus

Protecting our customers is our top priority. Recently, Nebraska has seen an increase in scams targeting PPP loan recipients. where fraudsters are impersonating banks to steal personal information. It’s crucial to stay vigilant – the article below includes a Fraud Prevention Checklist to safeguard your banking information. I encourage you to familiarize yourself with ways to prevent this from happening to you or your business.

 

Fraudsters Targeting PPP Loan Recipients

By: Nebraska Banking Association

Nebraska banks have detected a scam targeting recipients of the Paycheck Protection Program (PPP) loans. Fraudsters are using publicly available information about PPP loan recipients to impersonate banks by spoofing phone numbers. They contact the victims, pretending to be from their bank, and trick them into disclosing their online banking login credentials.

After acquiring the user's ID, the fraudsters reset the victim's password and convince them to provide the one-time security code sent by the bank via text. This allows the scammers to access the victim's online banking account and add unauthorized devices. By doing so, they are potentially able to initiate fraudulent transactions and take your money.

 

Fraud Prevention Checklist for PPP Loan Recipients:

 

1. Verify Caller Identity:

  • Always verify the caller's identity before providing any personal or banking information. If you have any doubt of the legitimacy of the caller, hang up and call the bank back using a known, official number.

2. Watch for Spoofed Calls

  • Be cautious of unsolicited calls claiming to be from your bank, especially if they ask for sensitive information. Fraudsters can manipulate the caller ID to appear as if the bank is calling. 

3. Do Not Share Credentials

  • Never provide your online banking user ID, password, or security code to anyone over the phone, even if they claim to be from your bank.

4. Guard One-Time Security Codes

  • One-time security codes should never be shared. Banks will not ask for these codes. They are to protect you from fraud.

5. Monitor Bank Accounts by Using our Fraud Detection Tools

  • Regularly check your bank accounts for any unauthorized users or transactions.
  • Enable Secure Alerts Today – Receive real-time alerts to notify you when transactions occur on your account.   

6. Protect your Bank Account by using Dual Control Protections

  • Ensure that SecureNow is enabled for all users that have access to your internet/mobile banking.
  • Enable SecureNow 

7. Update Bank Security Settings

  • Regularly change your online banking password and do not reuse this password on other websites.

8. Report Suspicious Activity

  • If you suspect fraudulent activity or unauthorized access to your account, report it immediately to your local branch and change your login credentials.

9. Educate Employees

  • Train employees, especially those handling PPP loans, to recognize phishing and spoofing attempts.

10. Security Question

  • We have added another form of security for your account. Call today to set up a custom security question that only you know the answer to. This extra layer of security ensures no fraudsters will be able to use your commonly known personal information to access your account.

 

If you believe you have mistakenly provided your banking information to a fraudster, contact your local branch immediately to secure your account and prevent additional unauthorized access.