Scam Alert: PPP Loan Impersonation Fraud
The Norwood Anti-Scam Task Force is warning residents and business owners about an ongoing scam targeting recipients of Paycheck Protection Program (PPP) loans. The Norwood Police Department has so far identified two businesses that have been targeted by this scam.
Scammers are using public PPP loan information to impersonate banks and contact individuals by phone or text. Public PPP loan information lists businesses and loan lenders which scammers can then conduct further research on before contacting the targeted business. These calls may appear to come from a legitimate financial institution due to spoofed phone numbers. The goal is to trick victims into sharing online banking credentials or one-time passcodes, which can lead to unauthorized account access and financial loss.
Protect Yourself:
Never share banking passwords, security codes, or login credentials.
Do not trust caller ID — phone numbers can be spoofed.
Avoid clicking links in unexpected texts or messages.
Verify independently by contacting your bank using a known, official phone number. If you believe you’ve been contacted or targeted, report it to your bank and the Norwood Police Department.
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