Scammers and cyber criminals are in full force hoping to cash in on the recent Paycheck Protection Program (PPP) and the Coronavirus Aid, Relief, and, Economic Security Act (CARES) act. The internet is rife with articles and blog posts telling of criminals posing as banks and other legitimate lenders offering assistance.
According to Pymnts.com, an online source focusing on the future of payments technologies, fraud is on the rise. In their recent article, which includes an interview between Pymnts CEO Karen Webster and Datavisor CEO Yinglian Xie, the two share concerns about the upcoming rise of fraud. The speed at which the PPP is designed to be implemented “makes PPP a particularly good target for so many types of fraud,” Xie says. Forbes.com concurs in their own article, detailing special legislative actions designed to give authorities enhanced enforcement to combat fraud.
With all of this fraud, can you do to protect yourself?
As always, stay hyper-vigilant and be aware of who’s asking for your information. If something seems suspicious, call you someone you know and trust. For example, did you get a call from someone at your bank that you have not been working with recently? The easiest way to confirm this call is to call your bank directly and confirm that call. Even better, reach out to the specific department that would handle the request [read: suspicious request via phone] you received.
The FBI also has a great Q&A session on avoiding Pandemic scammers.
Stay healthy – and secure!