Mortgages & Loans
- Credit Cards
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- Private Client
We’re here to help protect your business
At First Horizon, we understand there’s no greater gift than peace of mind. That’s why we’re always looking for ways to keep your information secure.
As a protective measure, we want to make you aware of reports from the Small Business Administration (SBA) of potential fraud related to their current economic stimulus programs, provide protection tips and offer ways to report suspicious activity.
What fraudulent activity is occurring?
The SBA is currently experiencing a high level of lending activity as a result of EIDL loans, disaster-related grants and Paycheck Protection Program loans given during the pandemic. The increased lending activity has resulted in an uptick in reported fraud attempts. Fraudsters are trying different tactics to steal financial information from individuals and businesses so they can fraudulently apply for a loan or access to bank accounts.
How can I make sure my business is protected?
It’s important to be vigilant during this time. Here are some red flags that may signal fraudulent activity:
- The SBA will not contact you or ask you to share financial information over the phone. If you receive a call or text message from someone claiming to be an SBA representative, hang up immediately and do not share any financial information.
- Any email communication from the SBA will come from accounts ending with sba.gov.
- The presence of an SBA logo on a webpage does not guarantee the information is accurate or endorsed by the SBA.
- First Horizon has not outsourced servicing of SBA loans. If you receive an email or text message from a third party stating they are authorized to act on behalf of the bank, immediately discard and do not click on any links embedded in the email.
- Make sure your account profile has accurate contact information, including phone number and email.
- Do your due diligence when using an outside source to help with your application. Make sure they are reputable and do not allow them to use the application portal on your behalf.
What if I believe I’ve been a victim of fraudulent activity?
If you believe an EIDL loan was fraudulently opened in your business’s name, call the SBA Office of the Inspector General’s hotline at 800-767-0385 or visit their website.
If you suspect fraudulent activity related to your First Horizon EIDL, PPP loan or other service, contact our Client Service at 800-382-5465.
We’re closely monitoring this situation and will send additional communication if necessary. Thank you for being a client and working with us to protect you and your business from fraud.
As of 2/5/21; details are subject to change based on additional guidance from the SBA.