May 13, 2025
Protect Your Business: Fraudsters Targeting PPP Loan Recipients
Businesses across the country are being targeted by sophisticated scams connected to Paycheck Protection Program (PPP) loans, and banks are encouraging customers to remain vigilant. Fraudsters are using publicly available PPP loan information released during the COVID-19 pandemic to impersonate financial institutions, government agencies, and fraud departments. These scams often appear convincing because scammers may already know business names, loan amounts, banking relationships, or other details tied to the original PPP loan.
Many of these scams begin with a phone call, email, or text message claiming there is suspicious activity on an account or an issue involving a PPP loan. In some cases, scammers spoof legitimate bank phone numbers to make the communication appear authentic. Their goal is often to pressure business owners or employees into sharing sensitive information such as online banking credentials, one-time passcodes, or account details.
Remember, Traditional Bank will never call, text or email you for sensitive data, such as your card number, PIN, password, full account number or any security code related to banking services. Customers should also be cautious of urgent threats, suspicious links, or requests for immediate action.
To help protect your business from fraud:
• Never share online banking credentials or one-time passcodes
• Avoid clicking links from unsolicited texts or emails
• Do not rely solely on caller ID, as phone numbers can be spoofed
• Verify suspicious requests by contacting us directly at (859) 498-0414
• Educate employees on common fraud tactics and warning signs
• Avoid clicking links from unsolicited texts or emails
• Do not rely solely on caller ID, as phone numbers can be spoofed
• Verify suspicious requests by contacting us directly at (859) 498-0414
• Educate employees on common fraud tactics and warning signs
Cybercriminals continue to evolve their tactics, making awareness one of the strongest defenses against fraud.