PPP Data and Business Scams

How scammers are using publicly available PPP data to target businesses, and what business owners can do to help protect their accounts.

Over the past several years, businesses across the country have seen an increase in fraud attempts tied to the Paycheck Protection Program (PPP). Many business owners are surprised to learn that certain information about PPP loans was made publicly available as part of a federal government data release, including business names, addresses, loan amounts, and lender information.

It's important to note that this information was not released by Bank First. The data was published by the U.S. Small Business Administration (SBA) and has been publicly available for several years. Unfortunately, fraudsters are now using this information to make scams appear more convincing. 

Because scammers may know details about your business and your PPP loan, they can sound legitimate when they call, email, text, or mail you. Their goal is often to gain access to sensitive information or persuade you to send money. 

How the Scam Works

Scammers are using publicly available PPP loan data to impersonate banks, government agencies, and even law enforcement officials. They may reference actual loan details and claim there is a problem with your account, your loan, or your online banking access. 

In many cases, their objective is to obtain online banking credentials, one-time passcodes, or other confidential information that can be used to access accounts and move funds. 

What to Watch For

Be cautious if someone contacts you unexpectedly and:

• Requests your online banking credentials or one-time passcodes. 
• Claims there is suspicious activity on your account. 
• Pressures you to act immediately. 
• Threatens legal action, fines, or arrest. 
• Asks you to click a link or download software. 
• References your PPP loan and requests verification of information. 

Remember, caller ID can be spoofed. Just because a call appears to come from a legitimate organization doesn't mean it actually does. 

How to Protect Your Business

A few simple habits can go a long way in protecting your business from fraud:

• Never share passwords, online banking credentials, or one-time security codes. 
• Verify unexpected requests by contacting your bank directly using a trusted phone number. 
• Make sure employees know how to recognize fraud attempts. 
• Enable multifactor authentication when available.
• Monitor your accounts regularly for unusual activity.
• Report suspicious communications immediately. 

We're Here to Help

Fraudsters continue to find new ways to exploit publicly available information. While Bank First did not release your PPP loan information, we want our customers to be aware that scammers may use government-published data to make their schemes appear legitimate. 

If you ever receive a suspicious communication regarding your business, your PPP loan, or your accounts, contact us directly before taking any action. We're here to help you protect your business and everything you've worked hard to build.

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