Cybercriminals are finding new ways to exploit publicly available Paycheck Protection Program (PPP) loan data and businesses need to stay vigilant. This data containing business names, addresses, loan amounts, and associated financial institutions, is being used to make scams look legitimate and highly targeted.
How These Scams Work
Here are a few of the tactics fraudsters are using trick business owners and employees:
1. Bank Impersonation
Criminals spoof bank phone numbers and pose as fraud departments, claiming there are issues or suspicious activity on your account. Their ultimate goal is to obtain your online banking credentials and multi-factor authentication (MFA) codes.
2. Credential Harvesting
Scammers create a sense of urgency to pressure victims into sharing login details. Once they have credentials and one-time passcodes, they initiate fraudulent transfers.
3. Employee Name Spoofing
Fraudsters use real bank employee names found online to build trust. Caller ID spoofing adds another layer of legitimacy, making these scams harder to detect.
Red Flags to Watch For
- Unexpected calls or emails referencing PPP loans and/or forgiveness, or ACH transactions.
- Requests for MFA codes or online banking credentials.
- Caller ID appears to match Ion Bank, but the tone is urgent or threatening.
How to Protect Your Business
- Never share login credentials or MFA codes with anyone.
- Verify suspicious communications by calling Ion Bank directly at 203.729.4442.
- Report suspected fraud immediately to our Fraud Prevention Team.
Your security is our top priority. By staying alert and informed, you can help prevent fraud and protect your business accounts.
If you suspect fraudulent activity, contact Ion Bank right away at 203.729.4442.