Banks say business fraud is surging to record high in Mid-Missouri

COLUMBIA, Mo. (KMIZ)

Central Bank of Boone County, Central Bank of Audrain County and Central Bank of Moberly are sounding the alarm that business fraud incidents reach an all-time high this holiday season.

According to the banks, scammers are targeting businesses using publicly available information, including pandemic-era loan lists from the U.S. Paycheck Protection Program, to make fraudulent calls.

“We’ve seen a much higher incident rate of spoofing fraud with our customers," Bob Hull, senior vice president of business banking at Central Bank of Boone County, said. "And primarily what that involves is fraudsters reaching out to our customers and pretending to be the bank.”

Hull said at least several dozen of the bank's customers have been contacting them eeach week about getting these types of calls.

They've also been receiving links to fake websites that mimic legitimate bank sites, tricking victims into entering sensitive financial details.

And what Hull said is possibly most alarming is how legitimate these scams appear, compared to what the banks have seen in the past.

And with all the credentials they appear to present, Hull said it's becoming easier to be tricked.

“Phone number from the bank, the caller ID information from the bank, often the individual will give a name that is an actual bank employee,” Hull said.

“Phone number from the bank, the caller ID information from the bank, often give the individual will state that they're they’re, give a name that is an actual bank employee.”

Hull said scammers are taking advantage of the season.

“To basically catch them at a busy time of year as we are in the holidays, and then try to scare them into seeing that there's been some type of compromise on their account,” Hull said.

Fraud activity typically spikes during the holidays when business owners and consumers are distracted, the banks say. A single mistake can lead to devastating financial losses.

Angie Gentry, executive vice president of consumer banking, emphasized caution.

"Never, ever give out personal information on the phone or in an email without checking with your bank first, preferably, with someone you know at the bank," Gentry said in the release. "Your bank knows your information. There's no need for us to ask for it."

Banks urge businesses and consumers to remain skeptical of any unsolicited requests for private information.

If someone suspects they've been targeted, they should contact their bank immediately. Lost funds should be reported to law enforcement.

Hull said the Central Bank of Boone County has been in contact with police about fraud surging and continues to report scams.