Scammers continue to siphon PPP money

AM Extra

PORTLAND, Ore. (KOIN) — Paycheck Protection Program (PPP) loans have been a lifesaver for many U.S. businesses, but unfortunately, some of this money is ending up in the hands of scammers.

These con artists set up elaborate networks to use people to funnel money out of the country and victims are tricked into illegal laundering funds. The scam has taken on a new life in the COVID-19 era due to the quick set up of PPP Loans.

Danielle Kane with the Better Business Bureau Northwest & Pacific joined AM Extra Wednesday to talk more about the scam and ways to stay protected.

Tips from Danielle:

The main way money-mule scams are conducted is via romance scams and catfishing. BBB recommends the following to spot fake profiles and scammers:

·Analyze profile: look for repeated phrases, suspicious photos, misspellings, and misuse of words.

·If you’re asked to keep relationship a secret, this is a red flag.

·If you’re asked to open an account, receive packages & reship them, pick up funds, receive large sums of money and/or transfer money, all of these are major warning signs something is not right.

For previous Wallet Wednesday segments, head here.

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