Businesses and individuals who received Paycheck Protection Program (PPP) loans in 2020 or 2021 are being targeted by scammers attempting to gain access to their bank accounts.
Because the government required PPP loan information to be made public, including recipient names, locations, and loan amounts, fraudsters are using this data to pose as legitimate bank representatives.
These scams are sophisticated and convincing. Criminals often use caller ID spoofing and fake messages to make their communications look like they are coming from your bank.
Important Reminder: Financial institutions will never contact you asking for sensitive information such as passwords, security codes, or online banking credentials.
If you receive a suspicious call, text, or email, disconnect or delete it immediately, and contact your bank directly using the number listed on its official website.
How These Scams Work
Text Message Scams:
You may receive a text that appears to be from your bank, asking you to confirm a fake transaction. If you respond, a scammer may follow up with a call pretending to be from the bank’s fraud department.
Phone Call Scams:
Scammers may call claiming to be from your bank and say they’ve noticed unusual activity on your account. After gaining your trust, they ask for your online banking user ID, password, or a one-time security code to “verify” your identity or “cancel” a transaction.
Never share this information. Once they have access, scammers can take over your account and steal your money.
Protect Yourself
- Hang up if something feels off, then call your bank directly.
- Do not click links or respond to unsolicited messages.
- Enable two-factor authentication when available.
- Monitor your accounts regularly for suspicious activity.
Staying alert, informed, and cautious can keep your information—and your money—safe from scams.