Businesses locally and across the country are being targeted by an increasingly sophisticated fraud scam involving publicly available PPP loan information and impersonation of trusted financial institutions.  

Unfortunately, this is not a theoretical threat. Fraudsters are actively contacting businesses and attempting to gain access to accounts through social engineering tactics designed to appear legitimate and urgent.

Awareness and preparation are critical to protecting your business.

How the Scam Works

Fraudsters are using publicly available business information, including PPP loan data, to make calls and messages appear credible. In many cases, scammers impersonate banks, government agencies, or fraud departments.  

These contacts may include:

• Spoofed phone numbers that appear to come from a bank
• Claims that fraud has been detected on your account
• Requests to verify login credentials
• Requests for one time passcodes
• Instructions to move funds for “security purposes”
• Pressure to act immediately

Because scammers may already know details about your business, these interactions can feel convincing and legitimate.

What You Should Know

Your bank will never:

• Ask for your online banking password
• Ask for a one time passcode
• Ask you to move money to another account for security reasons

If you receive an unexpected call or message requesting this information, stop communication immediately and contact your bank directly using a trusted phone number.  Contact INB at 217-747-5500.

Red Flags and Warning Signs

Be cautious if you experience any of the following:

• Unexpected urgency or pressure
• Requests for confidential information
• Calls claiming your account is compromised
• Messages asking you to “verify” security credentials
• Requests to approve transactions you did not initiate
• Sending you a text with a link to click on

Even if the caller ID appears legitimate, do not assume the request is authentic.

Steps Businesses Can Take to Protect Themselves

There are several important steps businesses can take to reduce fraud risk and strengthen account security.

Enable Dual Control

Dual control requires more than one authorized user to approve transactions such as ACH or wire transfers. This is one of the most effective ways to prevent unauthorized activity.

Use Positive Pay and ACH Filters

Positive Pay and ACH filtering tools help detect suspicious or unauthorized transactions before funds leave your account.

Turn On Alerts

Enable real time alerts:

• Login attempts
• Password changes
• Wire activity
• ACH transactions
• Large withdrawals

Early awareness can help stop fraud quickly.

Limit Administrative Access

Review who has access to your digital banking platform and ensure employees only have the permissions necessary for their role.

Verify Requests Independently

If you receive a suspicious call, hang up and contact your banker directly using a known and trusted phone number.

Awareness Is One of the Strongest Defenses

Fraud campaigns like this spread quickly because scammers rely on confusion, urgency, and trust.

We encourage businesses to share this information with coworkers, business partners, and others in the business community. Increased awareness helps prevent additional losses and protects organizations throughout our community.

If you have experienced a similar call, email or text to what is described above, please contact the bank today to do a review of your account.  It is always best to be safe!  Contact INB today at 217-747-8642.