Scam Alerts

Paycheck Protection Program (PPP) Loan Recipients Scam

Protecting our customers is our top priority. Recently, South Carolina has seen an increase in scams targeting PPP loan recipients.  We want to ensure local businesses stay informed and protected. 

How this Scam Works

Fraudsters are using borrower information that was made publicly available by the Small Business Administration (SBA). This information includes business names, addresses, loan amounts, funding dates, number of employees, and the names of the financial institutions that issued the loans. With these details, criminals attempt to deceive PPP loan recipients in a few ways:

• Pretending to be bank employees calling about suspicious account activity. They may trick borrower into disclosing online banking login credentials:
• Through calling borrower and spoofing bank phone number, where the call appears to come from a legitimate Bank of York phone number and asking for credentials,
• Or sending fake links to reset your online banking credentials.  

After acquiring the user’s online credentials, the fraudsters reset the victim's password and convince them to provide the one-time security code sent by the bank via text. This allows the fraudsters to access the victim's online banking account and add unauthorized devices. In doing so, they are potentially able to initiate fraudulent transactions and take your money.

• Claiming to be law enforcement officers and saying there is an arrest warrant for failing to appear in court for a fraudulent PPP loan. Victims are pressured to pay a fake cash bond to resolve the issue.

How to Protect Yourself

1.  Please be wary regardless of the reason someone is contacting you to talk about your bank information or transactions. Bank of York will never call and ask you to share your user name, password, PIN, or one-time passcode.
   
   
2.  If you receive a suspicious call:

1. • Hang up and call us directly at 803-684-4249.
   • Verify any law enforcement claims by contacting your local police or sheriff’s department.
   • Never share sensitive login information with anyone who calls, texts, or emails you unexpectedly
   • Be cautious of threats or urgent requests. Scammers often create a sense of urgency to act immediately.
     
     
3. If you receive an email or text, avoid clicking links in unexpected messages. Contact the bank or sender directly.
   
   
4. Monitor bank accounts by regularly checking your bank accounts for any unauthorized users or transactions. 
   
   
5. Setup activity alerts on your account through online banking. 
   
   
6. Train your staff especially those who assisted with PPP loans to recognize phishing and spoofing attempts.