Wisconsin Credit Union League: Scam artists use economic uncertainty to target small businesses

Contact:

Melissa Wittig

(800) 242-0833, Ext 6045

mwittig@theleague.coop

Pewaukee, Wis. – Scam artists are again taking advantage of the current economic uncertainty with a new scam attempt targeting small businesses. The scam serves as an important reminder to small businesses and consumers that they should be especially wary of communications, whether by phone, email or mail, that ask them to update, validate or confirm account information.

The latest scam involves letters, printed on what appears to be U.S. Small Business Administration (SBA) letterhead and claiming to be from the SBA. The letters request financial account information in order to qualify the small business for federal tax rebates under the Economic Stimulus Act. However, these letters have not been authorized by the SBA.

The Wisconsin Credit Union League is warning credit unions around the state about this scam so that they can alert their members, many of whom use credit unions for their business loans or other financial services.

“Typically you’ll see scam artists posing as financial institutions trying to trick account holders into divulging personal information. In this case, the scammers are just trying to reach members of a financial institution using a different angle. But no legitimate business – including Wisconsin credit unions, The League or the SBA – would ever solicit financial account information via phone, mail or email,” says League President & CEO Brett Thompson.

If your business has received one of these letters do not respond. Instead, report the letter to SBA’s Office of Inspector General (OIG) by calling (800) 767-0385 or by emailing OIGHotline@sba.org.