Multiple people across the country are reporting cases of identity theft involving Small Business Administration (SBA) loans as scammers continue to leverage the data they have gleaned from other breaches.
What It Is
Fraudsters appear to be applying for SBA loans and adding “Farms” to the victim’s first or last names. The new loans “crop” up on their credit report. There is an ongoing investigation into the SBA loan identity theft cases. Investigators believe multiple identity theft rings could be to blame.
What They Are After
If someone gets a hold of your Social security number, they can take out an SBA disaster assistance loan in your name, even if you do not have a small business.
How You Can Avoid It
- Contact the entity where you receive communication from as soon as possible.
- Dispute the loan with the credit reporting agency
- Consider freezing your credit if you do not plan on taking out a loan anytime soon.
If you think you are an identity theft victim involving a Small Business Administration loan, you can call the ITRC toll-free at 888.400.5530. You can also live-chat with an expert advisor on the company website.