Written by Kyra Baeten, BSA & Risk Analyst and fraud prevention specialist

Recent trends show that fraudsters are increasingly targeting businesses by posing as trusted or familiar organizations, including financial institutions.

Criminals may leverage publicly available information—such as data tied to Small Business Administration (SBA) Paycheck Protection Program (PPP) loans—to identify potential targets. However, they often don’t mention PPP at all, making these scams more difficult to easily recognize.

Some financial institutions have reported cases where fraudsters successfully created fraudulent ACH templates—sometimes for amounts as high as $25,000. While it might seem unlikely that your business would be targeted, this type of fraud is occurring locally in the Fox Valley and across Wisconsin.

Understanding how these scams work is the first step in protecting your business.

🔎 How This Scam Works

Scammers use publicly available business information to identify potential victims. They then contact businesses posing as trusted sources, often claiming to be from a bank’s fraud department, treasury management team, or customer support.

The fraudster may contact you through a phone call, email or text message and claim they are contacting you for:

• Questions or issues related to recent payments (wire, ACH, or check)
• Unexpected activity in your digital banking account
• Instructions to approve, stop, or review a transaction
• Updates to your security or account information

Because scammers may already have accurate details about your business, such as loan amounts and employee names, their messages can appear highly credible.

🚨 What to Watch Out For

Staying informed and vigilant is the best defense against fraud. Be cautious if you receive unexpected communication that:

• Claims there is urgent or suspicious activity on your account
• Pressures you to act quickly to “prevent fraud”
• Requests sensitive information such as online banking login credentials, security codes or account details
• Asks you to approve or set up transactions

✅ How to Protect Your Business

Taking a proactive approach can significantly reduce your risk:

• Never share your password, PIN, or login credentials
• Avoid clicking links in emails or text messages—always access online banking through your bank’s official website or app
• Be cautious with unsolicited calls, emails, or messages
• Do not trust caller ID alone as fraudsters can spoof phone numbers
• Always verify requests independently—hang up, don’t click and contact the bank directly using a verifiable phone number (like those on your bank statement, official bank correspondence, your online banking portal, or the bank’s official website)
• Monitor your accounts regularly for unusual activity
• Share this info with every employee in your organization so everyone stays alert

⏸️ When in Doubt, Pause

Fraudsters rely on urgency to push quick decisions. Taking a moment to pause and verify can make all the difference.

If you receive a suspicious request:

1. Do not respond or provide any information
2. End the communication immediately
3. Contact your bank directly using a verified phone number

🤝 We’re Here to Help

Protecting your business is our top priority. If you have any questions about potential fraud or notice unusual activity, please contact us right away.

Call us at 920-779-7000 or reach out to your personal banker directly. Wolf River Community Bank is here to help keep your accounts secure.