Shortly after the collapse of Silicon Valley Bank (SVB) the number of domain registrations containing “SVB” nearly tripled. Many of these domains were being registered by bad actors for use in cryptocurrency scams, phishing campaigns and fraud attempts.  

What You Need To Know

Scammers are taking advantage of the current situation and impersonating SVB, Circle (a global fintech company focused on digital currency), and FDIC employees/customers. Be cautious of any emails claiming to be from these organizations or offering any assistance accessing funds.  

As always, be cautious of emails requesting a change of payment details (bank/routing numbers) and never change payment details based on email instructions alone.  

USD Coin (USDC) Distribution Scams 

Many of these scams are claiming to provide USD Coin, a stable coin with a value pegged to the US Dollar, as part of a payback program. Some even provide a QR code to scan – inevitably, the QR link just leads to malware designed to steal cryptocurrency.  

Circle Scams 

As a large customer of SVB, many were worried about the stability of Circle and the USDC that it manages. Bad actors jumped on the opportunity and have registered numerous domains appearing to be associated with Circle. Phishing campaigns have been spotted claiming to be from Circle and looking to gain access to digital wallets.  

Payment Detail Scams 

This scam is not unique to recent events, however bad actors tend to rely on templates that work. Be on the lookout for emails claiming to be from customers of SVB, needing to update payment information. Some examples of real subject lines reported by CloudFlare include: 

“We’ve changed our bank details”
“Updated Bank Account Information”
“YOUR URGENT ACTION IS NEEDED – Important – Bank account details change”
“Important – Bank account details change”
“Financial Institution Change Notice” 

FDIC Scams 

Extremely bold bad actors have even been claiming to represent the FDIC, and of course they want to assist you in accessing frozen funds. Please keep in mind that the FDIC would never contact you asking for personal details, such as bank account information, credit and debit card numbers, social security numbers, or passwords. 

Have questions? We’re here to help. Call us: (207) 839-4796 or send us a message. Gorham Savings Bank is here for you, always.

GSB Is Here For You, Always