Fraudsters are using publicly available PPP loan information to impersonate trusted financial institutions, as well as government agencies, in an attempt to steal sensitive banking and personal information.
Scammers are exploiting information that was legally published by the Small Business Administration in 2021 and using it to make their outreach appear legitimate.
How the Scam Works
The SBA’s public PPP database includes business names, addresses, loan amounts, funding dates, number of employees, and the name of the issuing financial institution. Scammers use this information to create highly targeted and convincing schemes.
They may pose as:
- Your financial institution's fraud department staff
- Government or law enforcement officials
- Account or loan specialists claiming to “assist” with an issue
Once trust is established, victims are pressured into sharing online banking credentials, one-time security codes, or sending payments. This allows fraudsters to access accounts, reset passwords, and initiate unauthorized transfers.
Common Scam Variations
Bank Impersonation
Scammers claim to be from your financial institution, alleging suspicious activity and requesting login credentials or directing you to a fake verification link.
Law Enforcement Impersonation
Fraudsters pose as police or federal agents, claiming a PPP loan issue or warrant exists and demanding immediate payment or a “bond” to resolve it.
Account Assistance Claims
Callers insist they must verify account details, stop a fraudulent wire or ACH, or correct a loan-related problem.
Red Flags to Watch For
Be cautious if you encounter:
- Unsolicited calls, texts, or emails claiming to be from your bank or credit union
- Requests for online banking usernames, passwords, or one-time passcodes
- Links or attachments urging you to “verify,” “update,” or “unlock” your account
- Pressure to act immediately or threats of legal action
- Requests for payment to stop a transaction or resolve a supposed issue
How to Protect Yourself
Premier Bank will never ask for:
- Your online banking username or password
- One-time passcodes or authentication codes
Wire PINs or transaction passwords are only used to confirm transactions you personally initiate.
Take these steps to stay safe:
- Verify all callers: Hang up and contact your bank or credit union directly using a trusted phone number. (Premier Bank's number is 563-588-1000.)
- Don’t trust caller ID: Phone numbers can be spoofed.
- Avoid clicking links in unsolicited texts or emails.
- Keep credentials private at all times.
- Educate your team: Ensure employees know how to spot phishing and spoofing attempts.
- Report concerns immediately if you suspect fraud or unauthorized activity.
We’re Here to Help
If you believe you’ve been targeted or notice suspicious activity, contact Premier Bank right away. Acting quickly can help prevent losses and protect your accounts.
Your trust matters to us, and we’re committed to helping you bank with confidence.
