Andover Bank has been made aware of a current, active scam effort going on in Ohio regarding Paycheck Protection Program (PPP) loan customers. Our information is that several customers of Ohio banks have been targeted and may be giving up their bank account information to scammers. 

The scammers are accessing publicly available borrower information from the SBA website and using that information to impersonate bank personnel, and tricking business owners into giving up sensitive online banking credentials: 

Here is how the fraud plays out:   

1. Spoofing bank phone numbers
   Fraudsters are posing as legitimate banks by spoofing their phone numbers, making it appear as if the call is coming from the bank.
2. Pretending to be the bank
   The scammer then contacts PPP loan recipients, claiming they need to verify account details or assist with loan matters.
3. Stealing login credentials
   Victims are tricked into providing their online banking credentials, including their user ID.
4. Resetting passwords
   Once they have the user ID, the fraudsters initiate a password reset and ask the victim to provide the one-time security code sent by the bank.
5. Gaining full access
   With both the user ID and the security code, the scammer can log into the victim’s online banking account. From there, they add unauthorized users to the account, bypassing any security controls the bank may have in place.
6. Making fraudulent transfers
   The scammer then initiates same-day ACH transfers, draining funds from the account before the fraud is even detected.

Please be aware of this scam and be vigilant in protecting your personal information.  

If you have any questions or concerns about this scam, please don't hesitate to contact us.