PPP Loan Recipients Targeted by Fraudsters

How the Scam Works:

Scammers pose as your bank, often spoofing the bank’s phone number to appear legitimate. They contact PPP loan recipients claiming to need to verify account details, assist with loan matters, or even help you stop fraudulent ACH or Wire transactions. They then attempt to trick you into providing your online banking user ID, password, and one-time security codes. With this information, they gain access to your account and can make fraudulent transfers.

Red Flags to Watch For:

• Unsolicited calls or messages claiming to be from your bank.
• Requests for your online banking credentials or security codes.
• Inquiries about payments to individuals.
• A caller who is overly helpful or aggressive, and they may even use a legitimate bank employee’s name.

What to Do:

• Never give out your online banking login information over the phone. Your bank will never ask for this.
• Hang up immediately if you suspect a scam.
• Contact Heartland Bank directly using a well-known and trusted phone number. (Heartland Bank: 888-897-2276)
• Report the incident to law enforcement.

Protect Your Business:

• Educate your employees about this scam and emphasize the importance of verifying any suspicious requests. Stay vigilant and remember that protecting your financial information is crucial.

Resources:

For more fraud prevention tips, visit Heartland Bank's Security Center.