Fraud Alert: Scams Targeting PPP Loan Recipients | Coulee Bank
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Fraud Alert

Scams Targeting PPP Loan Recipients

Coulee Bank is issuing an important alert to customers and community members about a recent scam targeting recipients of Paycheck Protection Program (PPP) loans. Fraudsters are exploiting publicly available PPP loan data to impersonate legitimate financial institutions, including Coulee Bank, and deceive individuals into revealing sensitive banking information.

 

How the Scam Works

Criminals are using PPP borrower information released by the Small Business Administration in 2020. The public database includes business names, addresses, loan amounts, funding dates, number of employees, and the names of financial institutions that issued the loans. Fraudsters use this data to sound convincing when posing as Coulee Bank employees or government officials.

Common scam variations include:

  • Bank Impersonation: Scammers call pretending to be from Coulee 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 police officers, 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, resolve a loan issue, or stop fraudulent wire or ACH transactions.

Once victims share credentials or one-time security codes, scammers can access online accounts, reset passwords, and initiate unauthorized transfers.

 

Red Flags to Watch For

Be alert for the following warning signs:

  • Unsolicited calls, texts, or emails claiming to be from Coulee Bank.
  • 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

Your best defense is caution and verification. Coulee Bank will never ask for your banking credentials, PINs, or one-time passcodes.

  • Verify All Callers: Hang up and call Coulee Bank directly at 866-784-9550.
  • 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 digital banking login 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 Coulee 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 Coulee Bank immediately.

For more information on how to protect yourself and your business, visit our Fraud Resources on our website.