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Fraud Alert: Scam Targeting PPP Loan Recipients

At CUSB Bank, the safety of our customers and community members is always a top priority. We’re alerting you about a concerning scam targeting recipients of Paycheck Protection Program (PPP) loans. Fraudsters are leveraging publicly available PPP loan data to impersonate trusted financial institutions, including CUSB Bank, and deceive individuals into revealing sensitive banking information.

It’s important to note that the information used in these scams are not the result of a data breach. Instead, fraudsters are exploiting publicly available PPP borrower data to craft convincing and targeted attacks.

How the Scam Works

Scammers are using PPP borrower information which was published by the Small Business Administration in 2021. The public database includes business names, addresses, loan amounts, funding dates, number of employees, and the names of financial institutions that issued the loans. Scammers use this data when posing as financial institution employees or government officials. Once victims share credentials or one-time security codes, scammers can access online accounts, reset passwords, and initiate unauthorized transfers.

Common scam variations include:

• Bank Impersonation: Scammers call pretending to be from CUSB Bank’s fraud department, claiming there is suspicious account activity. They may ask for your online banking credentials or send a fraudulent link to “verify” your account.
• Law Enforcement Impersonation: Fraudsters pose as a law enforcement officer, claiming a warrant has been issued related to a fraudulent PPP loan. They then request a “cash bond” or payment to clear the issue.
• Account Assistance Claims: Callers claim they need to verify account details, stop fraudulent wire or ACH transactions, or resolve a loan issue.

Common Red Flags

Remain alert for the following warning signs:

• Unsolicited calls, texts, or emails claiming to be from CUSB Bank asking for account numbers or personal information.
• Requests for your online banking username, password, or one-time passcode.
• Links or attachments asking you to “verify,” “update,” or “unlock” your account.
• Callers who pressure you to act immediately or use fear tactics.
• Claims that sound urgent or unusual, such as needing to stop a “fraudulent” transaction or posting “bail.”

How to Protect Yourself

Always approach financial communications with caution. CUSB Bank will never ask for your banking credentials or one-time passcodes. Wire PINs or passwords will only be requested to confirm transactions you initiated.

• Verify All Callers: Hang up and call CUSB Bank directly at 800-397-9964 if you have any doubt.
• Don’t Trust Caller ID: Phone numbers can be spoofed to appear legitimate.
• Avoid Clicking Suspicious Links: Never click links in unsolicited text messages or emails.
• Keep Credentials Private: Do not share your online banking login, password, or security codes.
• Educate Your Team: Business owners should train employees to recognize phishing and spoofing attempts.
• Report Immediately: If you suspect fraudulent activity or unauthorized access, contact CUSB Bank right away.

We're Here to Help

If you have any concerns or believe you may have been targeted by a scam, please contact CUSB Bank immediately.