Avoid Fraud and Protect Your Data

Vermont Economic Development Authority takes its responsibility to protect your personal and financial information seriously. On this page you will learn what kind of communications you can expect from VEDA and what you can do to protect your data. We will also use this page to alert you to any scam targeting VEDA customers.

 

Communications from VEDA

VEDA will never prompt you to pay your bill online. VEDA does not currently have an online payment portal. At this time, we only accept automatic ACH payments and physical checks mailed to our Montpelier office.

VEDA will never text you about your bill.

VEDA does send three types of communication to borrowers:

1. Billing Statement – this is a routine monthly statement sent to borrowers reminding them of their monthly loan payment. It is sent via snail mail or email* based on the borrower’s preference.
2. Late Notice – this alerts the borrower that VEDA has not received a payment on time. It is sent using the same method the borrower chose for Billing Statements (above).
3. Request for Financial Information – VEDA occasionally sends requests to borrowers for financial information, like a tax return. A Request for Financial Information is sent only via snail mail.

*If a borrower chooses to receive communications via email, Billing Statements and Late Notices are sent as an email attachment and are not in the body of the email.

Again, payments to VEDA can only be made via ACH or a check mailed to our Montpelier office. You cannot pay VEDA online so if you receive communications with a link to pay VEDA online, do not click on it. It was not from us. Please call us at 802-828-5627 to let us know what happened.

 

What if I receive a communication that looks or sounds like it is from VEDA?

If you ever receive a text from what appears to be VEDA, don’t respond. VEDA does not contact borrowers about bills via text. If this happens, please call VEDA at 802-828-5627.

If you ever receive an unsolicited phone call from what sounds like VEDA, don’t engage. Hang up and call us at 802-828-5627.

Most importantly, when in doubt, trust your instincts. If something seems fishy call us directly at 802-828-5627 to tell us about your experience. We will advise you what to do. Plus, knowing how bad actors targeted you will help us protect all VEDA borrowers.

 

How can I protect my own data?

Protect your data by being aware of ways you might be targeted. Please check out the resources below:

• “Protect yourself” by the American Bankers Association has tips on how to watch out for email scams, text scams, phone scams, and payment app scams.
• “Protecting your privacy online” by the Federal Trade Commission includes how websites and apps collect and use your data, people search sites that sell your information, and protecting your child’s privacy online.
• “Protecting your data privacy” by Morgan Stanley discusses how to limit app permissions, secure sensitive documents, disable cookies, how to lock down social media accounts and more.
• In “7 ways to keep your data safe(er)” in the Stanford Report you will learn more about location data, incognito mode, and choosing a browser.
  
  

Public Disclosure: VEDA is an instrumentality of the State of Vermont and is subject to Vermont’s Public Records Law (see Vermont Statutes, Title I, Chapter 5 §§ 315-320).  All written or electronic information generated or received by VEDA is subject to the confidentiality and public disclosure provisions of the Vermont Public Records Law.  Under the law, business plans and financial information submitted by applicants are generally considered confidential and are not subject to disclosure.