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.
These criminals use sophisticated tactics such as "spoofing" bank phone numbers so the caller ID shows the bank's name, the banks say. They also create fake websites that mimic legitimate bank sites, tricking victims into entering sensitive financial details.
“It’s easy to fall for these scams,” Bob Hull, senior vice president of business banking at Central Bank of Boone County, said in a press release. “They look real and if you don’t question the caller and verify the information with someone you know at the bank, you can seriously compromise the safety of your business.”
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."
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.
"With today's technology, criminals can make money disappear quickly and it's nearly impossible for your bank to recover it," Gentry said.
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.
