Don’t Fall for PPP Loan Scams: How to Protect Your Business
Although the Paycheck Protection Program (PPP) ended several years ago, scammers continue to target business owners using fake emails, phone calls, and text messages claiming to be from the SBA, lenders, or government agencies.
If you receive a message about your PPP loan, it’s important to know how to recognize the warning signs before sharing sensitive information.
Common PPP Scams to Watch For
Fraudsters often use urgency and fear to convince victims to act quickly. Some of the most common scams include:
• Emails claiming your PPP loan forgiveness is incomplete and asking you to “verify” your information.
• Phone calls requesting banking information or Social Security numbers to “finalize” your loan.
• Text messages with links directing you to fake SBA or bank websites.
• Requests for upfront fees to process loan forgiveness or release funds.
Remember: Legitimate lenders and government agencies will never ask you to provide sensitive information through unsolicited emails or text messages.
Red Flags
Be cautious if a message:
• Creates a sense of urgency.
• Asks for passwords, account numbers, or one-time verification codes.
• Contains suspicious links or attachments.
• Comes from an unfamiliar email address or phone number.
• Promises immediate loan forgiveness or additional COVID-19 relief funds.
When in doubt, don’t click.
How to Protect Your Business
Protect yourself and your business by following these best practices:
• Verify any communication by contacting your bank directly using a trusted phone number.
• Never share online banking credentials or security codes.
• Enable multi-factor authentication on your financial accounts whenever available.
• Regularly monitor your business accounts for unauthorized activity.
• Keep your contact information current with your financial institutions.
Think You’ve Been Targeted?
If you believe you’ve received a fraudulent message related to a PPP loan or another financial scam:
• Do not respond or click any links.
• Contact your financial institution immediately.
• Report suspicious activity to the SBA Office of Inspector General or the Federal Trade Commission.
• Change any passwords if you believe your information has been compromised.
First State Bank Is Here to Help
Fraud tactics continue to evolve, but staying informed is one of the best ways to protect yourself and your business.
If you ever receive a suspicious message claiming to be from First State Bank or have concerns about potential fraud, contact your local branch before taking any action. Our team is here to help you verify communications, safeguard your accounts, and keep your business protected.
When it comes to fraud, it’s always better to pause, verify, and ask questions before you click.
Contact Us Today!
If you receive a message about your PPP loan, it’s important to know how to recognize the warning signs before sharing sensitive information.
Common PPP Scams to Watch For
Fraudsters often use urgency and fear to convince victims to act quickly. Some of the most common scams include:
• Emails claiming your PPP loan forgiveness is incomplete and asking you to “verify” your information.
• Phone calls requesting banking information or Social Security numbers to “finalize” your loan.
• Text messages with links directing you to fake SBA or bank websites.
• Requests for upfront fees to process loan forgiveness or release funds.
Remember: Legitimate lenders and government agencies will never ask you to provide sensitive information through unsolicited emails or text messages.
Red Flags
Be cautious if a message:
• Creates a sense of urgency.
• Asks for passwords, account numbers, or one-time verification codes.
• Contains suspicious links or attachments.
• Comes from an unfamiliar email address or phone number.
• Promises immediate loan forgiveness or additional COVID-19 relief funds.
When in doubt, don’t click.
How to Protect Your Business
Protect yourself and your business by following these best practices:
• Verify any communication by contacting your bank directly using a trusted phone number.
• Never share online banking credentials or security codes.
• Enable multi-factor authentication on your financial accounts whenever available.
• Regularly monitor your business accounts for unauthorized activity.
• Keep your contact information current with your financial institutions.
Think You’ve Been Targeted?
If you believe you’ve received a fraudulent message related to a PPP loan or another financial scam:
• Do not respond or click any links.
• Contact your financial institution immediately.
• Report suspicious activity to the SBA Office of Inspector General or the Federal Trade Commission.
• Change any passwords if you believe your information has been compromised.
First State Bank Is Here to Help
Fraud tactics continue to evolve, but staying informed is one of the best ways to protect yourself and your business.
If you ever receive a suspicious message claiming to be from First State Bank or have concerns about potential fraud, contact your local branch before taking any action. Our team is here to help you verify communications, safeguard your accounts, and keep your business protected.
When it comes to fraud, it’s always better to pause, verify, and ask questions before you click.