Beware of Potential Fraud Schemes

April 15, 2020

Dear Customer,

We are here to support you, and will continue to provide information so you can bank confidently during this time. Our mission is to deliver services and information that keep you and your family safe.  As you’ve probably heard, fraudsters are becoming increasingly aggressive and stepping up their targeting efforts. 

The Small Business Administration (SBA) Office of Inspector General is alerting the public about potential fraud schemes related to economic stimulus programs offered by the U.S. Small Business Administration through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  On the most dangerous end of the spectrum, criminals may pursue disruptive actions like ransomware to extort people or impact the flow of CARES Act Funds.

Please be on the lookout for grant fraud, loan fraud, and phishing, and take extra precautions to avoid giving out any personal or account information.  Do not click on any links in e-mails or texts.  Here are some more tips to keep you safe:

Scams and Fraud Schemes

Grants

• SBA does not initiate contact on either 7a or Disaster loans or grants.  If you are proactively contacted by someone claiming to be from the SBA, suspect fraud.

Loans

• If you are contacted by someone promising to get approval of an SBA loan, but requires any payment up-front or offers a high-interest bridge loan in the interim, suspect fraud.

• SBA limits the fees a broker can charge a borrower to 3% for loans $50,000 or less and 2% for loans $50,000 to $1,000,000 with an additional 1/4% on amounts over $1,000,000.  Any attempt to charge more than these fees is inappropriate.

• If you have a question about getting an SBA disaster loan, call 800-659-2955 or send an email to disastercustomerservice@sba.gov.

• If you have questions about other SBA lending products, call SBA’s Answer Desk at 800-827-5722 or send an email to answerdesk@sba.gov.

Phishing

• If you are in the process of applying for an SBA loan and receive email correspondence asking for personally identifiable information (PII), ensure that the referenced application number is consistent with your actual application number.

• Look out for phishing attacks/scams utilizing the SBA logo.  These may be attempts to obtain your PII to get personal banking access, or to install ransomware/malware on your computer.

• Any email communication from SBA will come from accounts ending with sba.gov.

• The presence of an SBA logo on a webpage does not guarantee the information is accurate or endorsed by SBA.  Please cross-reference any information you receive with information available at www.sba.gov.

Be safe!  It is a privilege to serve you.