Fraud Alert: PPP Loan Recipients Being Targeted by Scammers

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Moody Bank wants to make you aware of an increase in fraud schemes targeting businesses that received funds through the Paycheck Protection Program (PPP). Criminals are using publicly available PPP loan information to make scam attempts appear legitimate and convince business owners and employees to disclose sensitive banking information. 

How the Scam Works

Fraudsters may contact your business by phone, text, or email while posing as a bank representative, government official, or fraud prevention specialist. They often reference PPP loans, loan forgiveness, compliance reviews, suspicious ACH activity, or wire transfers to gain your trust. Caller IDs may even be spoofed to appear as though the communication is coming directly from your financial institution. 

Their objective is to obtain:

• Online banking usernames and passwords
• One-time passcodes
• Multi-factor authentication (MFA) codes
• Other sensitive account information 

Once this information is obtained, criminals may attempt unauthorized access to business accounts and initiate fraudulent transactions.

Red Flags to Watch For

Be cautious if you receive:

• Unsolicited calls, emails, or text messages regarding PPP loans or loan forgiveness
• Requests for online banking credentials, passwords, MFA codes, or passcodes
• Urgent demands to verify account activity, ACH transactions, or wire transfers
• Communications claiming immediate action is required to prevent account restrictions or security issues
• Messages that use official-sounding titles, employee names, or spoofed phone numbers to appear legitimate

 How to Protect Your Business

• ‍‍Never share your online banking credentials, passwords, PINs, or MFA codes.
• Verify suspicious communications by contacting Moody Bank directly using a trusted phone number.
• Do not click links contained in unexpected emails or text messages.
• Educate employees who handle online banking, ACH, payroll, or wire transfers about these scams.
• Regularly monitor account activity and report suspicious transactions immediately.

 Remember

Moody Bank will never call, text, or email you requesting yourpassword, online banking credentials, or one-time security codes.

If you ever receive a request for this information, please do not respond. Instead, contact us directly at 855.259.8075 to verify. Protecting your accounts and personal information is essential, and we appreciate your vigilance in helping us prevent fraud. 

Thank you for your continued trust in Moody Bank.