OMAHA, Neb. (KMTV) — If you're a small business owner and received a Paycheck Protection Program loan, or PPP loan for short, during the pandemic, there's a new scam you should be aware of.
- NBA President and CEO Richard Baier shares what the scam is and signs to look out for.
- "Banks never ask for your password or your PIN number or your username. They are not going to make that phone call, so if you get that kind of a phone call, hang up and call your local bank."
- Nebraska banks are stopping these scams before they start, but being informed can help protect you and your business
BROADCAST TRANSCRIPT:
If you're a small business owner and received a Paycheck Protection Program loan, or PPP loan for short, during the pandemic, there's a new scam you should be aware of.
During the COVID-19 pandemic, Nebraska banks approved more than 100,000 loans to help struggling small businesses get by.
In 2020, information including business names, addresses, loan amounts and more was released to the public by the Small Business Administration.
Now scammers are using that data to try and take advantage of these companies.
So why are they targeting these people?
"In this case, they have data that's probably made for easier targets. So they're able to take the information and then what they're doing is actually spoofing phone numbers so that it looks like the call's coming from a local bank or from law enforcement," said NBA President and CEO Richard Baier.
If you get one of these phone calls and feel pressured into doing things quickly, take a minute, step back and hang up.
Coming up, I'll share what specific red flags small business owners should look for if you're targeted.
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It's not always easy to catch a scammer, especially if they're using smart tactics. To help small business owners who may be the target of a scam relating to PPP loans, I talked to the Nebraska Bankers Association to pinpoint the red flags to watch out for.
I sat down with NBA President and CEO Richard Baier, who tells me several Nebraska banks have reported fraudsters calling small business loan recipients and impersonating bank employees or local law enforcement.
"Banks never ask for your password or your PIN number or your username. They are not going to make that phone call, so if you get that kind of a phone call, hang up and call your local bank," said Baier.
To find that number, go to your bank's website or look on the back of your debit card to report the fraud attempt.
It's important to be very cautious when giving out personal information.
Baier says in many cases, Nebraska banks are stopping these scams before they start, but being informed can help protect you and your business.
