PPP Data Scams

In December 2020, the Small Business Administration (SBA) made Paycheck Protection Program (PPP) loan data public, including business names, types, addresses, loan amounts, funding dates, employee numbers, and financial institutions. Although not new, there has been a recent surge in scam attempts exploiting this information.

To our knowledge, the following scam attempt has not happened to Bank First customers, but we urge you to remain cautious. 

Recent Scam Scenario:

Scammers claiming to be from a bank are contacting businesses to coerce online banking credentials, stating wire or payroll issues. These scammers pressure users into revealing their user ID, then falsely claim a verification code is needed for user authentication. In reality, this is a deceptive "forgot password" scheme. Stay alert, confirm any requests directly with your Bank First Relationship Manager, and never share login credentials or verification codes to safeguard against unauthorized access and potential data compromise.

Be Wary of Impersonators:

• Verify all communications directly with your Bank First Relationship Manager.
• Exercise caution with unsolicited calls or emails.
• Legitimate entities will not ask for sensitive information via phone or email.

Guard Yourself:

While legitimate businesses may offer services, exercise extreme caution. Confirm the legitimacy of any SBA or bank requests before sharing information.

Protect Your Business:

• Visit the SBA's official website for scam and fraud alerts.
• Report any suspicious activity to Bank First and the SBA.
• Stay informed about common scams and tactics used by fraudsters.

By staying vigilant and being proactive in verifying requests, you protect your business from potential threats.